Mammoth Energy Services derivative lawsuit settled for $1.5M from D&O insurers

MAMMOTH ENERGY SERVICES, INC.

Preliminary approval granted on Oct 28, 2021; final hearing set for Jan 7, 2022.
Insurers to pay $1.5M to Mammoth for general corporate purposes; governance reforms to be adopted.
Separate $0.5M for plaintiffs' attorneys' fees, subject to court approval.
Derivative action alleged breaches of fiduciary duty related to Puerto Rico PREPA contracts.
Defendants deny all allegations; settlement avoids further litigation costs and risks.

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