10 Nov 2020agm 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.
9 Nov 2020quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $12.6 million and a net loss of $73.6 million for the period ended 2020-09-30.
19 Oct 2020security holder rights change● NeutralMajor
This amendment fixes a clerical error in the Oct 16 2020 filing about a reverse stock split. It states that on the effective date all options, warrants and convertible securities are adjusted by dividing the shares they cover by 20 and multiplying the exercise or conversion price by 20. This confirms a 1-for-20 reverse split (a 20-to-1 consolidation of shares); the filing itself does not give the effective date or the reason. It is consistent with the earlier price-below-$1.00 listing problem (inference).
30 Sept 2020agm notice● Neutral
ABRAXAS PETROLEUM CORP announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
30 Sept 2020agm 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).
21 Aug 2020director interest notice● Neutral
Todd A Dittmann became a ABRAXAS PETROLEUM CORP director and company insider (initial ownership filing).
21 Aug 2020director interest notice● Neutral
Angelo Gordon & CO., L.P. became a ABRAXAS PETROLEUM CORP director and company insider (initial ownership filing).
21 Aug 2020substantial holder notice● Neutral
Angelo, Gordon & Co., L.P, AG Partners, LLC, JAMG LLC, Michael L. Gordon, AG Energy Funding, LLC disclosed a new substantial ABRAXAS PETROLEUM CORP shareholding (16.60% of votes).
11 Aug 2020quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $12.6 million and a net loss of $73.6 million for the period ended 2020-09-30.
10 Aug 2020late filing notice▼ Bad
ABRAXAS PETROLEUM CORP notified the SEC that its quarterly report would be filed late.
22 July 2020auditor change● Neutral
On Jul 20 2020 Abraxas dismissed its auditor BDO USA and engaged Akin, Doherty, Klein & Feuge, PC. BDO's reports for 2018 and 2019 had no adverse or qualified opinion and there were no disagreements, but the filing notes the company had reported a material weakness in internal control over financial reporting. The filing does not state why the change was made.
10 July 2020substantial holder notice● Neutral
BlackRock, Inc reported a ABRAXAS PETROLEUM CORP shareholding of 3,374,148 shares (2.00% of votes) in a periodic institutional filing.
6 July 2020quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $2.0 million and a net loss of $83.3 million for the period ended 2020-06-30.
2 July 2020listing compliance notice▼ Bad
On Jul 1 2020 NASDAQ sent a second late-filing notice, this time because the Q1 2020 quarterly report (10-Q) was not filed. Abraxas has 60 days to submit a plan, and NASDAQ may allow up to 180 days, to Dec 27 2020. This adds to the still-unresolved 2019 10-K notice from April.
26 June 2020debt financing▼ BadMajor
On Jun 25 2020 both lenders waived defaults caused by the late 2019 10-K (the filing cites COVID-19 and the oil price decline), plus missed required hedges on the second-lien loan for Q1 2020. The first-lien borrowing base fell from $135.0m to $102m, with monthly mandatory prepayments from excess cash and the current ratio and interest coverage covenants replaced by first-lien leverage and asset coverage tests. The second-lien loan now pays interest in kind or in shares while first-lien debt is outstanding, at rates raised by 200bps (cash) and 400-500bps (in kind), with a $10m exit fee. Angelo Gordon and the lenders also get warrants for 19.9% of fully diluted common equity at a $0.01 exercise price, plus a board seat or observer rights. Shareholders face dilution from the warrants and any interest paid in shares.
24 June 2020late filing notice▼ Bad
ABRAXAS PETROLEUM CORP notified the SEC that its quarterly report would be filed late.
6 Apr 2020listing compliance notice▼ BadMajor
On Apr 1 2020 NASDAQ notified Abraxas it was out of compliance because the 2019 annual report (Form 10-K) had not been filed. The company has 60 days to submit a plan; if accepted, NASDAQ may allow up to 180 days from the due date, to Sep 14 2020. The filing says the notice has no immediate effect on trading. This is a new listing problem on top of the bid-price deficiency.
16 Mar 2020late filing notice▼ Bad
ABRAXAS PETROLEUM CORP notified the SEC that its annual report would be filed late.
25 Feb 2020listing compliance notice● Neutral
NASDAQ gave Abraxas a second 180-day period, to Aug 24 2020, to fix the share price falling below $1.00. This continues the Aug 2019 bid-price deficiency; the original deadline was Feb 24 2020. Compliance needs the average closing price at $1.00 or more for at least 10 consecutive business days.
12 Feb 2020substantial holder notice● Neutral
The Vanguard Group reported a ABRAXAS PETROLEUM CORP shareholding of 7,903,044 shares (4.69% of votes) in a periodic institutional filing.
7 Feb 2020substantial holder notice● Neutral
Mangrove Partners Master Fund, Ltd, Mangrove Partners, Nathaniel August reported no remaining ABRAXAS PETROLEUM CORP shareholding in its periodic institutional filing.
5 Feb 2020substantial holder notice● Neutral
BlackRock, Inc reported a ABRAXAS PETROLEUM CORP shareholding of 11,953,812 shares (7.10% of votes) in a periodic institutional filing.
19 Nov 2019debt financing▼ BadMajor
On Nov 13 2019 Abraxas got its first-lien lenders (Société Générale) to permanently waive a breach of the current ratio covenant (ratio below 1.00 for the quarter ended Sep 30 2019). The borrowing base was cut from $207.5m to $135.0m, Morgan Stanley Capital Administrators was added as a lender, and liens on Montana and Wyoming properties were released as Texas and North Dakota properties were mortgaged. Abraxas also took a new $100m second-lien term loan from Angelo Gordon (maturing Nov 13 2022, LIBO rate + 9.0% or reference rate + 8.0%, 3.5% original issue discount, about $95m net), used to pay down the first-lien facility. After closing, about $94m was drawn on the $135m base, leaving $41m available. This adds a senior-ranking layer of secured debt ahead of shareholders.
14 Nov 2019quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $28.3 million and a net loss of $68.3 million for the period ended 2019-12-31.
13 Nov 2019quarterly activities report▼ Bad
ABRAXAS PETROLEUM CORP reported quarterly revenue of $28.3 million and a net loss of $68.3 million for the period ended 2019-12-31.
13 Nov 2019late filing notice▼ Bad
ABRAXAS PETROLEUM CORP notified the SEC that its quarterly report would be filed late.
13 Nov 2019late filing notice▼ Bad
ABRAXAS PETROLEUM CORP amended its notice to the SEC that its quarterly report would be filed late.
28 Aug 2019listing compliance notice▼ BadMajor
On August 27, 2019 NASDAQ notified Abraxas that its average closing share price over 30 consecutive trading days was below the $1.00 minimum required for listing. The company has 180 days to regain compliance by closing at $1.00 or more for 10 consecutive business days; the stock stays listed meanwhile, and the filing says it would likely move to an over-the-counter market if delisted. Shares were last priced above $1.00 in the 2016-2017 filings, so this marks a fall back below that level.
9 Aug 2019quarterly activities report● Neutral
ABRAXAS PETROLEUM CORP reported quarterly revenue of $31.5 million and net income of $17.0 million for the period ended 2019-09-30.
8 Aug 2019quarterly activities report● Neutral
ABRAXAS PETROLEUM CORP reported quarterly revenue of $31.5 million and net income of $17.0 million for the period ended 2019-09-30.