---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-015554"
form_type: "8-K"
ticker: "BATL"
cik: "0001282648"
company_name: "BATTALION OIL CORP"
filed_at: "2023-09-07T23:59:59+00:00"
generated_at: "2026-06-10T22:34:54.967630+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Battalion Oil raises ~$37M from existing shareholders via Series A-1 preferred with 14.5% dividend

## Summary
- Sold 38,000 shares of Series A-1 convertible preferred to Luminus, Oaktree, and LSP funds for ~$37.05M.
- Proceeds used for general corporate and working capital, including scheduled debt principal and interest payments.
- Preferred stock carries a 14.5% annual dividend rate; unpaid dividends increase liquidation preference at 16% per annum.
- Conversion price initially $7.63 per share; holders granted registration rights on underlying common shares.
- Series A-1 has limited voting rights but consent rights over senior stock issuance and dividend payments on common.

## SEC filing metadata
- accession: 0001558370-23-015554
- form_type: 8-K
- ticker: BATL
- cik: 0001282648
- company_name: BATTALION OIL CORP
- filed_at: 2023-09-07T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 3.02, 5.03, 3.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1282648/000155837023015554/0001558370-23-015554-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1282648/000155837023015554/batl-20230906x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-015554
- JSON: https://secwatch.observer/filing/0001558370-23-015554.json
- Plain text: https://secwatch.observer/filing/0001558370-23-015554.txt

## Key facts
- Governance Changes
  BATTALION OIL CORP: Filing incorporates a Certificate of Designations for Series A-1 Preferred Stock by reference but states the description does not purport to be complete; no substantive description of the change is provided.
  - Change: charter amendment
  source text: The foregoing description of the Certificate of Designations does not purport to be complete and is qualified in its entirety by reference to the complete text of the Certificate of Designations, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1282648/000155837023015554/0001558370-23-015554-index.htm
- Material Agreements
  BATTALION OIL CORP entered into Purchase Agreement with certain funds managed by Luminus Management, LLC, Oaktree Capital Management, LP, and LSP Investment Advisors, LLC valued at approximately $37,050,000 (effective 2023-09-06).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: certain funds managed by Luminus Management, LLC, Oaktree Capital Management, LP, and LSP Investment Advisors, LLC
  - Value: approximately $37,050,000
  - Effective: 2023-09-06
  source text: On September 6, 2023, Battalion Oil Corporation (the “ Company ”) entered into a purchase agreement (the “Purchase Agreement ”) with each of the purchasers set forth on Schedule A thereto (the “ Buyers ”), pursuant to which the Company agreed to sell to the Buyers, in a private placement, an aggregate of 38,000 shares (the “ Series A-1 Preferred Shares ”) of Series A-1 Redeemable Convertible Preferred Stock
  evidence_url: https://www.sec.gov/Archives/edgar/data/1282648/000155837023015554/0001558370-23-015554-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.