secwatch.observer — SEC 8-K summary
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Issuer:     Sable Offshore Corp. (SOC)
CIK:        0001831481
Form:       8-K
Filed at:   2024-02-14T23:59:59+00:00
Accession:  0001193125-24-036506
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.01, 5.06, 3.02, 2.03, 3.03, 5.03, 4.01, 5.01, 5.02, 5.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sable Offshore Corp. completes SPAC merger, acquires Exxon's Santa Ynez assets, raises $440M PIPE
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- Flame Acquisition Corp. merges with Sable Offshore, acquires Santa Ynez Unit assets from ExxonMobil effective Feb 14, 2024.
- PIPE raised $440.2M (44,024,910 shares at $10); $125M investor defaulted, replaced by $55M including $25M from CEO Flores.
- Term loan from Exxon for $622.9M (principal $606.25M), 10% interest, secured by substantially all assets, matures 2027 or 90 days after production restart.
- 150,823 shares redeemed for ~$1.6M ($10.44/share); post-close shares outstanding 60,166,269.
- Name change to Sable Offshore Corp.; common stock and warrants trade on NYSE as SOC and SOC.WS starting Feb 15, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1831481/000119312524036506/0001193125-24-036506-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1831481/000119312524036506/d737623d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-036506

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