secwatch.observer — SEC 8-K summary
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Issuer:     Civeo Corp (CVEO)
CIK:        0001590584
Form:       8-K
Filed at:   2022-04-07T23:59:59+00:00
Accession:  0001590584-22-000058
Event type: other_material
Sentiment:  neutral
Materiality: 0.55
Item codes: 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Conversant Capital buys ~958k Civeo shares from Torgerson affiliates; ROFR on escrow shares
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- Conversant Capital purchased 958,475 Civeo common shares from entities affiliated with Lance Torgerson under a Stock Purchase Agreement.
- Torgerson retains 750,000 escrow shares; 375,000 released June 2022 subject to right of first refusal by Civeo then Conversant until April 2023.
- Torgerson also holds 9,042 Class A preferred shares that mandatorily convert to ~2.5M common shares in April 2023, not subject to ROFR.
- Civeo waived certain transfer restrictions to facilitate the sale and welcomes Conversant as a new shareholder.
- Conversant's founder cited Civeo's capital allocation, debt repayment, and position in natural resources as investment rationale.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1590584/000159058422000058/0001590584-22-000058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1590584/000159058422000058/cveo-20220404.htm
  HTML page:      https://secwatch.observer/filing/0001590584-22-000058

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