secwatch.observer — SEC 8-K summary
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Issuer:     Prairie Operating Co. (PROP)
CIK:        0001162896
Form:       8-K
Filed at:   2023-08-17T23:59:59+00:00
Accession:  0001493152-23-029222
Event type: m_and_a
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 2.01, 3.02, 3.03, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Prairie Operating acquires Exok assets for $18M cash and stock; closes $20M PIPE to fund deal
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/0001493152-23-029222-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1162896/000149315223029222/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-029222

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