TETRA adopts tax benefits preservation plan to protect $411M NOLs

TETRA TECHNOLOGIES INC

Company has U.S. federal NOLs of approximately $411 million as of Dec 31, 2022.
Plan triggers if a person or group acquires 4.99% or more of common stock; rights become exercisable for shares worth 2x exercise price.
Rights expire on February 28, 2026, unless earlier redeemed or exchanged.
Dividend of one right per share declared for holders of record on March 10, 2023.
Plan is similar to tax benefit preservation plans adopted by other public companies with significant tax attributes.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

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

TETRA TECHNOLOGIES INC: Board approved Certificate of Designation of Series A Junior Participating Preferred Stock, filed with Delaware Secretary of State, effective March 1, 2023 (effective 2023-03-01).

Change: charter amendment
Effective: 2023-03-01

Exact text from the filing

In connection with the adoption of the Tax Plan described in Item 1.01 above, the Board approved a Certificate of Designation of Series A Junior Participating Preferred Stock of the Company (the “Certificate of Designation”). The Certificate of Designation was filed with the Secretary of State of the State of Delaware and became effective on March 1, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TETRA TECHNOLOGIES INC entered into Tax Benefits Preservation Plan with Computershare Trust Company, N.A. valued at Preservation of net operating loss carryforwards and other tax attributes (effective 2023-02-28).

Action: entry
Counterparty: Computershare Trust Company, N.A.
Value: Preservation of net operating loss carryforwards and other tax attributes
Effective: 2023-02-28

Exact text from the filing

On February 28, 2023, TETRA Technologies, Inc. (the “Company”) entered into the Tax Benefits Preservation Plan (the “Tax Plan”), between the Company and Computershare Trust Company, N.A., as rights agent.

View on SEC.gov

Browse all governance changes →

TETRA TECHNOLOGIES INC filing history →

Source: SEC EDGAR

accession 0001564590-23-002827

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.