Enservco Corp: M&A transaction — Enservco closes Buckshot acquisition, sells frac assets, and enters $2.5M share exchange with Star Equity

Enservco Corp

Buckshot Trucking acquisition closed for $5M total consideration; $1M cash + $2.7M in promissory notes at 10% interest, maturing Dec 31, 2024.
Colorado frac water heating assets sold to HP Oilfield for $1.695M ($1.22M cash + $473K note); net proceeds to repay Utica Facility debt.
Star Equity exchanged 250,000 shares of its Series A Preferred for 9.02M common shares (19.9% stake) and 3.48M Series A Preferred of Enservco.
Enservco issued a $1M promissory note to Star at 20% interest, secured by Star's preferred shares, with a three-month term and extension options.
Board expanded to six; Richard Coleman (CEO of Star) appointed director; new Series A Preferred Stock created with cumulative dividends escalating from 2% to 12%.

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Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Richard Coleman

director

Enservco Corp

Effective: 2024-08-09
Filed: August 12, 2024, 7:59 PM ET

Effective as of August 9, 2024, the Company expanded the size of the Board to six directors and pursuant to the Board Designation Agreement, appointed Richard Coleman, the Chief Executive Officer of the Star Equity Holdings, Inc., as a director of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Richard Coleman was appointed as director at Enservco Corp.

Action: appointed
Role: director

Exact text from the filing

Effective as of August 9, 2024, the Company expanded the size of the Board to six directors and pursuant to the Board Designation Agreement, appointed Richard Coleman, the Chief Executive Officer of the Star Equity Holdings, Inc., as a director of the Company.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.98

Enservco Corp completed an acquisition involving Tony Sims, Jim Fate, Buckshot Trucking LLC for $5,000,000 (the "Base Amount") (closed 2024-08-08).

Action: acquisition
Counterparty: Tony Sims, Jim Fate, Buckshot Trucking LLC
Consideration: $5,000,000 (the "Base Amount")
Closing: 2024-08-08

Exact text from the filing

company (“Buckshot Trucking”), pursuant to which the Company agreed to acquire from the Sellers all of the issued and outstanding membership interests of Buckshot Trucking for $5,000,000 (the “Base Amount”), subject to a net working capital adjustment, plus up to $500,000, in the form of the Company’s common stock, contingent upon satisfaction of certain

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.95

Enservco Corp completed a disposition involving HP Oilfield Services, LLC for $1,695,000 (closed 2024-08-06).

Action: disposition
Counterparty: HP Oilfield Services, LLC
Consideration: $1,695,000
Closing: 2024-08-06

Exact text from the filing

(the “Purchased Assets”). The Purchased Assets were primarily utilized in the Company’s frac water heating business. The aggregate purchase price for the Purchased Assets is $1,695,000, payable as follows: (i) $1,221,625 in cash; and (ii) a promissory note in the principal amount of $473,375 issued by HP Oilfield in favor of the Company (the "HP Note"), with

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19 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Source: SEC EDGAR

accession 0001437749-24-026112

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