Prairie Operating Co. (PROP): M&A transaction — Prairie Operating acquires Exok assets for $18M cash and stock; closes $20M PIPE to fund deal

Prairie Operating Co.

Acquired ~20,328 net acres in Weld County, Colorado from Exok, increasing DJ Basin position to ~37,189 acres.
Consideration: $18M cash to Exok plus 19.2M shares and warrants to Exok affiliates at ~$0.22/share.
Closed $20M PIPE: 1.13M common shares, 20,000 Series E preferred ($1,000 stated value), and warrants at $0.21 exercise.
PIPE proceeds funded Exok purchase and will fund development of acquired assets; registration rights for resale granted.
Series E preferred has 4.99% beneficial ownership cap, liquidation preference of $1,000/share, and convertible at $0.175.

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Prairie Operating Co.: Filed Certificate of Designation for Series E Convertible Preferred Stock, establishing terms including dividends, voting rights, liquidation preference, conversion rights, beneficial ownership limitation, and redemption rights.

Change: charter amendment

Exact text from the filing

In connection with the consummation of the PIPE Transaction, the Company filed the Certificate of Designation of Preferences, Rights and Limitations of Series E Convertible Preferred Stock (the “ Certificate of Designation ”) which sets forth the terms and provisions of the Series E Preferred Stock.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Prairie Operating Co. completed an acquisition involving Exok, Inc. for $18,000,000 in cash and equity consideration (closed 2023-08-15).

Action: acquisition
Counterparty: Exok, Inc.
Consideration: $18,000,000 in cash and equity consideration
Closing: 2023-08-15

Exact text from the filing

approximately 20,328 net mineral acres in, on and under approximately 32,695 gross acres (the “ Exok Option Assets ”) from Exok (the “ Exok Option Purchase ”) . The Company paid $18,000,000 in cash (the “ Cash Consideration ”) to Exok and issued equity consideration to certain affiliates of Exok (the “ Exok Affiliates ”), consisting of (i) 19,157,123 shares of the

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23 governance changes filed in the last 30 days. Browse all governance changes →

Prairie Operating Co. filing history →

Source: SEC EDGAR

accession 0001493152-23-029222

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