TXNM Energy enters $200M ATM common stock offering program

TXNM ENERGY INC

August 15, 2025 Distribution Agreement for up to $200M in common stock at-the-market offerings.
Sales agents include BofA Securities, MUFG Americas, RBC Capital Markets, Scotia Capital (USA).
Commissions up to 2% of gross sales price; forward purchasers may borrow shares for hedging.
Company may also enter forward stock purchase transactions; proceeds only upon physical settlement.
Legal opinion on share legality filed as Exhibit 5.1.

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