other material
confidence high
sentiment neutral
materiality 0.75
Prairie Operating amends NRO acquisition, reduces cash at closing to $57M; major holder exercises warrant for $24M
Prairie Operating Co.
- Amendment to APA reduces cash consideration at closing from ~$71.5M to $57M; extends outside date to Sep 17, 2024.
- Holder Narrogal Nominees exercises Series E B Warrant for $24M, converts 20,000 Series E shares into 4M common shares.
- Holder converts 2,000 Series D Preferred into 400,000 common shares; increases beneficial ownership cap to 49.9%.
- Holder agrees to standstill (no further stock acquisitions above 49.9%) and voting agreement (caps voting at 29.9% unless proportional).
- Series D conversion subject to new 49.9% cap; Company must monitor monthly for conversion availability of at least 100,000 shares.