8 Aug 2023listing compliance notice▼ BadMajor
ALPINE SUMMIT ENERGY PARTNERS, INC. suspended its duty to file periodic reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2023listing compliance notice● NeutralMajor
ALPINE SUMMIT ENERGY PARTNERS, INC.'s exchange filed to remove a class of its securities from listing.
18 July 2023listing compliance notice▼ BadMajor
Nasdaq notified the company on July 12, 2023 that the Class A shares will be delisted because of the Chapter 11 cases, citing public interest concerns and concerns about residual equity interest of holders. The company will not appeal; trading on Nasdaq is suspended from July 21, 2023 and shares are expected to move to the Pink Open Market, with no assurance that trading there will start or continue. This follows the earlier minimum bid price deficiency.
11 July 2023bankruptcy or receivership▼ BadMajor
On July 5, 2023 the company and affiliates filed for Chapter 11 in the Southern District of Texas and are seeking to sell all or substantially all assets under Section 363. They have a US$15.5 million debtor-in-possession financing commitment from the existing bank group (US$8 million interim, approved July 10). The filing accelerated about US$54.0 million owed under the Bank7 credit facility and about US$82.7 million under the ABS facility, and warns that shareholders may receive no payment.
2 June 2023capital raising announcement▼ BadMajor
On May 30, 2023 the company issued 19,494,709 subordinate voting shares when a majority of holders redeemed their Class B units of HB2 Origination, and another 15,947 shares through mandatory conversion of the Class C proportionate voting shares. An amendment to the HB2 LLC agreement, signed with CEO Craig Perry, adjusted the terms and time periods for redemption. This is a large increase in shares outstanding for existing holders (inference).
31 May 2023listing compliance notice▼ BadMajor
Nasdaq told the company on May 25, 2023 that its shares had closed below the US$1.00 minimum bid price for 30 consecutive business days. It has until November 21, 2023 to regain compliance, with no immediate effect on trading, and says it may consider a reverse stock split.
16 Mar 2023material agreement▼ BadMajor
On March 10, 2023, subsidiary HB2 Origination signed a waiver with its lender Bank7 covering all covenants in Article VII of its credit agreement, plus some conforming changes. The filing does not say why the waiver was needed (the need for it is an inference only).
27 Feb 2023production update▲ Good
Ahead of full-year results expected in late March 2023, the company said it held about 22,000 gross boe/d from September 30, 2022 through February 24, 2023, with seven wells expected online in Q1 2023. It reported that its first six San Roman Austin Chalk wells in the Webb County Dorado asset beat internal expectations, and said it believes Dorado drilling breaks even just above $2.00 per MMBtu, with about 40 remaining de-risked locations.
1 Feb 2023dividend declaration▲ Good
The board declared the February 2023 monthly dividend of US$0.0315 per subordinate voting share (US$3.15 per multiple voting share and US$0.0315 per proportionate voting share), payable February 28, 2023 to holders of record on February 14, 2023. This continues the January dividend at the same rate.
20 Jan 2023capital raising announcement● Neutral
Six partners in the company's fifth development partnership (DP5) exercised a put right and sold their remaining DP5 interest in exchange for 499,794 Class B units of HB2 Origination, LLC, which can be swapped one-for-one into Class A subordinate voting shares. The deemed value is about US$2.5 million, at US$5.23 per unit for two insiders and US$5.01 for the other four. Converting these units into shares would add to the share count (inference).
3 Jan 2023dividend declaration▲ Good
The board declared the January 2023 monthly dividend of US$0.0315 per subordinate voting share (US$3.15 per multiple voting share and US$0.0315 per proportionate voting share), payable January 31, 2023 to holders of record on January 17, 2023.
27 Sept 2022listing compliance notice▲ GoodMajor
the exchange certified ALPINE SUMMIT ENERGY PARTNERS, INC.'s securities for listing, clearing them to begin trading.