17 May 2022agm notice● Neutral
ABRAXAS PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 May 2022quarterly activities report● Neutral
ABRAXAS PETROLEUM CORP reported quarterly revenue of $14.5 million and net income of $6.7 million for the period ended 2022-06-30.
4 Apr 2022agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
31 Mar 2022agm notice● Neutral
ABRAXAS PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
31 Mar 2022agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
19 Jan 2022business combination▼ BadMajor
This information statement follows the Jan 3 2022 restructuring: directors Ralph Cox and Angela Steffen Meyer resigned and three AGEF employees (Todd Dittmann, Damon Putman, Daniel Baddeloo) joined, expanding the board to five. Baddeloo takes effect 10 days after mailing, and the board majority changes then. AGEF's preferred shares carry about 85% of the vote. No stockholder vote is required.
12 Jan 2022director interest notice● Neutral
Damon Putman became a ABRAXAS PETROLEUM CORP director and company insider (initial ownership filing).
12 Jan 2022director interest notice● Neutral
Angelo Gordon & CO., L.P. became a ABRAXAS PETROLEUM CORP company insider (initial ownership filing).
12 Jan 2022director interest notice● Neutral
Todd A Dittmann became a ABRAXAS PETROLEUM CORP director and company insider (initial ownership filing).
3 Jan 2022business combination▼ BadMajor
On Jan 3 2022 Abraxas sold its North Dakota Williston Basin properties to Lime Rock Resources V-A for $87.2 million cash, closing the same day. The proceeds, plus cash above $2 million if needed, repay the first lien under a settlement and lien release, ending that facility. Angelo Gordon's affiliate AGEF exchanged its second-lien claims (stated as $137.1 million) for 685,505 Series A Preferred shares, giving it about 85% of the vote. The preferred takes the first $100 million of any sale or liquidity proceeds, then 95% until $137.1 million plus 6% annual return, then 75%, so common holders rank well behind. This is the debt-for-equity exchange flagged in November 2021, and it ends both credit facilities.
26 Nov 2021material agreement termination● NeutralMajor
Angelo Gordon's affiliate AGEF gave up, for no payment, the warrants for about 19.9% of the company and its governance agreement from the Jun 2020 deal, so the AG group no longer owns any common stock. This ends the warrant dilution thread. The company says a special committee is still negotiating a possible debt-for-equity exchange with Angelo Gordon that would likely heavily dilute stockholders or possibly cancel other equity, and could involve spinning off or disposing of assets; no deal is assured.
22 Nov 2021substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, AG GP LLC, Josh Baumgarten, Adam Schwartz, AG Energy Funding, LLC reported no remaining ABRAXAS PETROLEUM CORP shareholding in its periodic institutional filing.
15 Nov 2021quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $20.9 million and a net loss of $1.2 million for the period ended 2021-09-30.
17 Sept 2021listing compliance notice● NeutralMajor
ABRAXAS PETROLEUM CORP's exchange filed to remove a class of its securities from listing.
16 Aug 2021quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $20.9 million and a net loss of $1.2 million for the period ended 2021-09-30.
30 July 2021listing compliance notice▼ BadMajor
Nasdaq rejected the company's compliance plan after the May 11 and Jul 26 2021 notices (stockholders' equity below $2.5 million, market value of listed securities below $35 million as of Jul 21 2021, and no net income of $500,000). Trading on Nasdaq is suspended from Aug 4 2021 and the stock is delisted on a Form 25-NSE filing. The company will not appeal; it will trade on the OTC Pink Sheets meanwhile and is applying for OTCQX Best.
14 July 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
6 July 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
16 June 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
2 June 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
2 June 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
17 May 2021listing compliance notice▼ Bad
On May 11 2021 Nasdaq said Abraxas fails the minimum $500,000 net income test for continued listing and does not meet the market value or stockholders' equity alternatives. The company has 45 days to submit a plan and, if accepted, up to 180 days from May 11 2021 to comply. This is a second, separate listing problem alongside the unfiled 10-K.
17 May 2021quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $18.4 million and a net loss of $14.0 million for the period ended 2021-06-30.
17 May 2021substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, AG GP LLC, Josh Baumgarten, Adam Schwartz reported a ABRAXAS PETROLEUM CORP shareholding of 1,672,289 shares (16.57% of votes) in a periodic institutional filing.
17 May 2021agm notice● Neutral
ABRAXAS PETROLEUM CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
29 Apr 2021substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, JAMG LLC, Josh Baumgarten, Adam Schwartz reported a ABRAXAS PETROLEUM CORP shareholding of 1,672,289 shares (16.60% of votes) in a periodic institutional filing.
22 Apr 2021listing compliance notice▼ BadMajor
Morgan Stanley, a hedge counterparty and holder of about 3.7% of the first lien debt, terminated its hedge contracts, which caused further defaults. On Apr 16 2021 Angelo Gordon declared the second lien in default and accelerated it; about $127.9 million was outstanding and now carries 3% extra interest. The default follows the missed first-lien leverage covenant at Dec 31 2020 and the late 2020 10-K. Forbearance had run to Apr 15 2021 and its extension to May 6 2021 was not signed. Nasdaq also sent a late-filing notice (60 days to submit a plan; up to Oct 12 2021 to regain compliance). The company says it lacks the liquidity to repay if lenders accelerate.
31 Mar 2021late filing notice▼ Bad
ABRAXAS PETROLEUM CORP notified the SEC that its annual report would be filed late.
24 Feb 2021substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, AG Partners, LLC, JAMG LLC, Josh Baumgarten, Adam Schwartz reported a ABRAXAS PETROLEUM CORP shareholding of 1,672,289 shares (16.60% of votes) in a periodic institutional filing.
12 Jan 2021substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, AG Partners, LLC, JAMG LLC, Josh Baumgarten, Adam Schwartz reported a ABRAXAS PETROLEUM CORP shareholding of 1,672,289 shares (19.90% of votes) in a periodic institutional filing.