NMPRC voids $400M PIPE investment in TXNM merger, orders unwinding and $300K penalty

TXNM ENERGY INC

• NMPRC final order declares PIPE Transaction void for lack of prior approval under New Mexico Public Utility Act.
• TXNM, Parent, and Purchaser each fined $100,000 (aggregate $300,000).
• Compliance report required within 45 days detailing unwinding of PIPE Transaction and ratepayer protections.
• Procedural schedule for merger application stayed pending compliance review.
• PIPE Transaction closed in June 2025, provided $400M equity financing for TXNM operations pre-merger.