secwatch.observer — SEC 8-K summary
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Issuer:     MAMMOTH ENERGY SERVICES, INC. (TUSK)
CIK:        0001679268
Form:       8-K
Filed at:   2021-09-27T23:59:59+00:00
Accession:  0001679268-21-000060
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.04, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

Mammoth expects $32-33M loss from Gulfport settlement; likely covenant breach under credit facility
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- Settled litigation with Gulfport; received allowed claim of $3.1M but had $33.0M receivables, expects ~$32-33M loss in Q3 2021.
- Likely breach of leverage and fixed charge coverage ratios under revolving credit facility due to Gulfport loss and $325.1M Puerto Rico receivable.
- Negotiating waiver of financial covenants with lenders; no assurance of outcome; default could materially affect business.
- Derivative action settlement agreed; final amount covered by D&O insurance; court approval pending.
- Securities class action final judgment approving $11M settlement; also covered by D&O insurance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1679268/000167926821000060/0001679268-21-000060-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1679268/000167926821000060/tusk-20210921.htm
  HTML page:      https://secwatch.observer/filing/0001679268-21-000060

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