SM Energy supplements proxy for Civitas merger after stockholder demands; meeting on Jan 27

SM Energy Co

SM Energy received demand letters alleging disclosure deficiencies; voluntarily supplements proxy statement without admitting liability.
Reveals SM Energy net debt/cash of ~$2,574M and fully diluted shares of ~116.8M as of Sep 30, 2025.
Civitas pro forma net debt/cash of ~$4,945M (after asset sales) and fully diluted shares of ~87.1M as of Oct 30, 2025.
Evercore NAV analysis implied SM Energy equity value per share range of $15.47–$22.63 vs. $20.54 close on Oct 30, 2025.
Special stockholder meetings for both companies remain scheduled for January 27, 2026.

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