---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-004849"
form_type: "8-K"
ticker: "SM"
cik: "0000893538"
company_name: "SM Energy Co"
filed_at: "2026-01-20T23:59:59+00:00"
generated_at: "2026-05-16T09:41:57.226423+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-26-004849
- form_type: 8-K
- ticker: SM
- cik: 0000893538
- company_name: SM Energy Co
- filed_at: 2026-01-20T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/893538/000110465926004849/0001104659-26-004849-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/893538/000110465926004849/tm263440d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-004849
- JSON: https://secwatch.observer/filing/0001104659-26-004849.json
- Plain text: https://secwatch.observer/filing/0001104659-26-004849.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.