CKX Lands to receive $1B from Brad Jacobs's JPE; Jacobs to become chairman/CEO and controlling holder

CKX LANDS, INC.

Investors led by Jacobs Private Equity II will invest $1,000,000,000 cash; after closing JPE will control CKX and Brad Jacobs will be chairman and CEO.
Deal includes a 4.1744380:1 reverse split and 1,000,000 convertible preferred shares at $4.57 initial conversion price, convertible into about 219 million common shares.
Warrants for about 219 million shares at $4.57 (50%), $6.85 (25%) and $13.70 (25%); investors will own approximately 99.78% as-converted.
Existing holders get a $20,800,660 aggregate cash dividend, payable seven days after the holding-company reorganization, only if the equity investment closes.
Closing needs CKX stockholder and antitrust approvals, with a June 30, 2027 outside date; William Gray Stream (~10%) and Ottley Properties (~18%) agreed to vote in favor.

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