secwatch.observer — SEC 8-K summary
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Issuer:     Royale Energy, Inc. (ROYL)
CIK:        0001694617
Form:       8-K
Filed at:   2024-10-17T23:59:59+00:00
Accession:  0001185185-24-000993
Event type: other_material
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Royale Energy eliminates all Series B Preferred, resolves ~$27M in obligations via stock, notes, and options
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- Exchanged all Series B Preferred Stock (liquidation preference >$24M) for 22.2M common shares, $2.47M notes, and 25M options at $0.10.
- Resolved $2.82M in historical liabilities by issuing 2.54M common shares and $0.28M notes.
- Company now has single class of common stock; no preferred shares outstanding.
- CEO Johnny Jordan and director Jeff Kearns participated; their ownership changed to 26.38% and 19.67%.
- No cash proceeds; transactions approved by disinterested board members.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1694617/000118518524000993/0001185185-24-000993-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1694617/000118518524000993/royaleinc20241017_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-24-000993

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer