7 Mar 2024capital raising announcement● Neutral
Amended the White Lion equity line to fix commitment-share compensation at 440,000 shares and extend the company's right to draw on the $150M facility to December 2026.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2024substantial holder notice● Neutral
Barclays PLC, Barclays Capital Inc. disclosed a new substantial EON Resources Inc. shareholding (8.34% of votes).
14 Feb 2024substantial holder notice● Neutral
OCM Value SPAC Holdings, L.P, Atlas OCM Holdings, LLC, Oaktree Capital Group Holdings GP, LLC, Brookfield Asset Management ULC reported a EON Resources Inc. shareholding of 425,000 shares (8.10% of votes) in a periodic institutional filing.
8 Feb 2024substantial holder notice● Neutral
Saba Capital Management, L.P, Boaz R. Weinstein, Saba Capital Management GP, LLC reported no remaining EON Resources Inc. shareholding in its periodic institutional filing.
6 Feb 2024director interest notice● Neutral
Mark Williams became a EON Resources Inc. VP of Finance and Admin and company insider (initial ownership filing).
11 Jan 2024director interest notice● Neutral
Dante Caravaggio became a EON Resources Inc. Chief Executive Officer and company insider (initial ownership filing).
9 Jan 2024securities registration● Neutral
EON Resources Inc. amended a filing by which it registered a securities offering with the SEC.
6 Dec 2023director interest notice● Neutral
Mitchell Trotter became a EON Resources Inc. Chief Financial Officer and company insider (initial ownership filing).
6 Dec 2023director interest notice● Neutral
Byron Blount became a EON Resources Inc. director and company insider (initial ownership filing).
24 Nov 2023director interest notice● Neutral
Pogo Royalty, LLC became a EON Resources Inc. 10%+ owner and company insider (initial ownership filing).
24 Nov 2023substantial holder notice● Neutral
Pogo Royalty, LLC, CIC Pogo LP, CIC IV GP LLC, CIC Partners Firm LP, CIC Partners Firm GP LLC disclosed a new substantial EON Resources Inc. shareholding (29.10% of votes).
21 Nov 2023business combination▼ BadMajor
Closed the Pogo Resources acquisition -- but heavy shareholder redemptions ($49.4M of the $62.3M trust cashed out at ~$10.95/share) had hollowed out the SPAC's funding, so the cash paid to sellers shrank again to just $31.1M, topped up with a $15M seller note, OpCo preferred/common units, escrow shares and a $1.9M "settle-up" payment due within a week. Only 5.1M Class A shares remained outstanding post-redemption -- a severely thinned-out capital base for what is now an operating oil and gas company.
13 Nov 2023quarterly activities report▼ Bad
EON Resources Inc. reported quarterly revenue of $5.3 million and a net loss of $651 thousand for the period ended 2023-09-30.
7 Nov 2023securities registration● Neutral
EON Resources Inc. registered a securities offering with the SEC.
30 Oct 2023material agreement● Neutral
Extended the deadline on First International Bank & Trust's $28M debt commitment (needed to help fund the Pogo purchase) by two weeks, to November 15, 2023, as the closing timeline kept slipping.
17 Oct 2023business combination● Neutral
Yet another $120,000 trust deposit pushed the closing deadline to November 15, 2023 -- the last of the monthly extensions before the deal finally closed.
13 Oct 2023business combination● NeutralMajor
The final proxy sets a special stockholder meeting for October 30, 2023 to vote on the Pogo purchase, now under the Aug 28, 2023 restructured deal. Cash falls from $100M to $63M (up to $15M by seller note and up to $20M by OpCo preferred units if cash on hand is low), plus 2,000,000 OpCo Class B units at $10.00 each, within a new 'Up-C' structure where the public company's main asset is its stake in a subsidiary (OpCo). This confirms the earlier downward renegotiation of the price and brings the deal to its shareholder vote.
13 Sept 2023material agreement● NeutralMajor
EF Hutton agreed to take $1,800,000 - $500,000 at the closing of the Pogo acquisition and $1,300,000 within 90 days - in full satisfaction of the $2,587,500 deferred underwriting commission from HNR's 2022 IPO, writing off about $787,500, roughly 30% of the fee. The discharge only takes effect if both payments are actually made.
13 Sept 2023agm notice● Neutral
EON Resources Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
30 Aug 2023capital raising announcement▼ BadMajor
Renegotiated the Pogo deal downward and restructured it as an Up-C: cash consideration was cut from the original $85M target to $63M, with the balance still made up of OpCo units, seller shares and a promissory note -- a real markdown as the SPAC's redemption-drained trust made the original cash price unworkable.
18 Aug 2023quarterly activities report● Neutral
EON Resources Inc. reported quarterly revenue of $7.3 million and net income of $2.7 million for the period ended 2023-06-30.
15 Aug 2023late filing notice▼ Bad
EON Resources Inc. notified the SEC that its quarterly report would be filed late.
10 Aug 2023agm notice● Neutral
EON Resources Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
10 Aug 2023business combination● Neutral
Another $120,000 trust deposit extended the closing deadline by a further month, to September 15, 2023, as the Pogo deal continued to slip past its original timetable.
14 July 2023agm notice● Neutral
EON Resources Inc. announced its upcoming annual shareholder meeting, covering the routine agenda (director elections, auditor ratification, executive-pay advisory vote).
14 July 2023business combination● Neutral
Another routine $120,000 trust deposit extended the deadline to close the Pogo acquisition by one more month, to August 15, 2023.
22 May 2023quarterly activities report● Neutral
EON Resources Inc. reported quarterly revenue of $7.8 million and net income of $1.9 million for the period ended 2023-03-31.
16 May 2023late filing notice▼ Bad
EON Resources Inc. notified the SEC that its quarterly report would be filed late.
14 Feb 2023substantial holder notice● Neutral
Saba Capital Management, L.P, Boaz R. Weinstein, Saba Capital Management GP, LLC reported a EON Resources Inc. shareholding of 650,000 shares (5.60% of votes) in a periodic institutional filing.
14 Feb 2023business combination● NeutralMajor
The company (then the SPAC HNR Acquisition Corp) filed a preliminary proxy asking stockholders to approve buying Pogo Resources, LLC under the Dec 27, 2022 agreement: $100M cash (up to $15M via a seller note) plus 2,000,000 shares valued at $10.00 each, with 500,000 of those shares held in escrow. The meeting date and record date are still blank, so this is a draft that starts the formal approval process for the Pogo deal announced earlier.