---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-025963"
form_type: "8-K"
ticker: null
cik: "0000319458"
company_name: "Enservco Corp"
filed_at: "2023-09-15T23:59:59+00:00"
generated_at: "2026-06-10T16:49:24.660425+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Enservco acquires Rapid Hot for $1.06M in stock; raises $1.63M in convertible notes

## Summary
- Acquired Rapid Hot assets (frac water heating in Appalachia) for 2,939,133 shares (~$1.06M at $0.3598/share).
- Closed $1.625M in convertible notes at 16% interest, 18-month term, conversion price $0.50/share.
- Appointed Mike Lade, former Rapid Hot president/CFO, as SVP & Chief of Staff; received 250,000 stock options at $0.41/sh.
- Added Steve Weyel to Board; Weyel is founder/chairman of Equigen, former CEO of EnVen (merged with Talos).
- Debt financing includes participation from Rapid Hot lead investors, board member Kevin Chesser, and CEO's Cross River Partners.

## SEC filing metadata
- accession: 0001437749-23-025963
- form_type: 8-K
- cik: 0000319458
- company_name: Enservco Corp
- filed_at: 2023-09-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/ensv20230914_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-025963
- JSON: https://secwatch.observer/filing/0001437749-23-025963.json
- Plain text: https://secwatch.observer/filing/0001437749-23-025963.txt

## Key facts
- Debt Financings
  Enservco Corp incurred convertible notes of $187,500 with Equigen II, LLC at 16.00% per annum maturing eighteen (18) month anniversary of their issuance.
  - Instrument: convertible notes
  - Principal: $187,500
  - Counterparty: Equigen II, LLC
  - Rate: 16.00% per annum
  - Maturity: eighteen (18) month anniversary of their issuance
  - Event: incurrence
  source text: the Company issued Convertible Promissory Notes (the "New Convertible Notes") in the aggregate principal amount of $125,000 to Angel Capital Partners, LP ("Angel Capital"), an entity owned by Stephen D. Scott who is a principal of the Owner, and in aggregate principal amount of $187,500 to Equigen II, LLC ("Equigen")
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Debt Financings
  Enservco Corp incurred convertible notes of $50,000 with Kevin Chesser at 16.00% per annum maturing eighteen (18) month anniversary of their issuance.
  - Instrument: convertible notes
  - Principal: $50,000
  - Counterparty: Kevin Chesser
  - Rate: 16.00% per annum
  - Maturity: eighteen (18) month anniversary of their issuance
  - Event: incurrence
  source text: Kevin Chesser , a director of the Company, exchanged his Prior Convertible Note in the aggregate principal amount of $50,000 for a New Convertible Note with the same principal amount
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Debt Financings
  Enservco Corp incurred convertible notes of $125,000 with Angel Capital Partners, LP at 16.00% per annum maturing eighteen (18) month anniversary of their issuance.
  - Instrument: convertible notes
  - Principal: $125,000
  - Counterparty: Angel Capital Partners, LP
  - Rate: 16.00% per annum
  - Maturity: eighteen (18) month anniversary of their issuance
  - Event: incurrence
  source text: the Company issued Convertible Promissory Notes (the "New Convertible Notes") in the aggregate principal amount of $125,000 to Angel Capital Partners, LP ("Angel Capital")
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Debt Financings
  Enservco Corp incurred convertible notes of up to the remaining balance of the maximum principal amount of $3,000,000 at 16.00% per annum maturing eighteen (18) month anniversary of their issuance.
  - Instrument: convertible notes
  - Principal: up to the remaining balance of the maximum principal amount of $3,000,000
  - Rate: 16.00% per annum
  - Maturity: eighteen (18) month anniversary of their issuance
  - Event: incurrence
  source text: The Company may issue New Convertible Notes representing up to the remaining balance of the maximum principal amount of $3,000,000 to additional investors
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Debt Financings
  Enservco Corp incurred convertible notes of $750,000 with Cross River Partners, LP at 16.00% per annum maturing eighteen (18) month anniversary of their issuance.
  - Instrument: convertible notes
  - Principal: $750,000
  - Counterparty: Cross River Partners, LP
  - Rate: 16.00% per annum
  - Maturity: eighteen (18) month anniversary of their issuance
  - Event: incurrence
  source text: Cross River Partners, LP ("Cross River"), an entity controlled by Richard Murphy, our Chief Executive Officer and Chairman, exchanged its Prior Convertible Note in the aggregate principal amount of $750,000 for a New Convertible Note with the same principal amount
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Executive change
  Steve Weyel was elected as Director at Enservco Corp.
  - Action: elected
  - Role: Director
  source text: On September 11, 2023, the Board of Directors of the Company expanded the size of the Board to five directors and, in accordance with the Note Purchase Agreement, elected Steve Weyel as a director of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Material Agreements
  Enservco Corp entered into Note Purchase Agreement with Angel Capital Partners, LP and Equigen II, LLC valued at $125,000 to Angel Capital ... $187,500 to Equigen (effective 2023-09-11).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Angel Capital Partners, LP and Equigen II, LLC
  - Value: $125,000 to Angel Capital ... $187,500 to Equigen
  - Effective: 2023-09-11
  source text: On September 11, 2023 pursuant to a Note Purchase Agreement (the “Note Purchase Agreement”), the Company issued Convertible Promissory Notes (the “New Convertible Notes”) in the aggregate principal amount of $125,000 to Angel Capital Partners, LP (“Angel Capital”), an entity owned by Stephen D. Scott who is a principal of the Owner, and in aggregate principal amount of $187,500 to Equigen II, LLC (“Equigen”), an entity owned by Steven A. Weyel who is a principal of the Owner.
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm
- Material Agreements
  Enservco Corp entered into Asset Purchase Agreement with OilServ, LLC, Rapid Hot Flow, LLC, Rapid Pressure Services, LLC valued at 2,939,133 shares of the Company’s common stock (based on $0.3598 per share) (effective 2023-09-11).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: OilServ, LLC, Rapid Hot Flow, LLC, Rapid Pressure Services, LLC
  - Value: 2,939,133 shares of the Company’s common stock (based on $0.3598 per share)
  - Effective: 2023-09-11
  source text: On September 11, 2023, Enservco Corporation (the “Company”) and its wholly-owned subsidiary Heat Waves Hot Oil Service LLC (together with the Company, the “Purchaser” ) entered into and closed on an Asset Purchase Agreement (the “Asset Purchase Agreement”) with OilServ, LLC, a Delaware limited liability company (the “Owner”), and its wholly-owned subsidiaries, Rapid Hot Flow, LLC, a Colorado limited liability company and Rapid Pressure Services, LLC, a Delaware limited liability company (together, the “Sellers” and with the Owner, the “Selling Parties”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/319458/000143774923025963/0001437749-23-025963-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.