secwatch.observer — SEC 8-K summary
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Issuer:     CorEnergy Infrastructure Trust, Inc. (—)
CIK:        0001347652
Form:       8-K
Filed at:   2024-01-25T23:59:59+00:00
Accession:  0001347652-24-000006
Event type: m_and_a
Sentiment:  negative
Materiality: 0.85
Item codes: 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CorEnergy closes $177.6M sale of MoGas/Omega pipelines; warns of delisting and convertible note risk
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- Sale to Spire Midstream for $177.6M cash; net proceeds ~$165M after taxes and costs; used $109M to repay Crimson credit facility.
- Crimson pipeline now sole remaining operation; running cash flow deficits due to underpriced tariffs and volume declines.
- NYSE delisting notice appealed; if not resolved, $118M convertible senior notes become due and company lacks resources to pay.
- Pro forma net loss attributable to common stockholders widened to $32.2M (2022) and $23.8M (nine months 2023) after removal of MoGas results.
- Company evaluating Crimson asset write-downs and corporate cost reductions; expects retroactive rate increases in California.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1347652/000134765224000006/0001347652-24-000006-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1347652/000134765224000006/corr-20240119.htm
  HTML page:      https://secwatch.observer/filing/0001347652-24-000006

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