Past year: ▼ 9%(38.4c – 83.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2025capital raising announcement▼ Bad
Took another round of toxic financing: a $600,000 convertible note from White Lion Capital (funded for $564,000 cash, an 6% original issue discount) with a right to a second, identical note, convertible at a steep discount and carrying a penalty interest rate that doubles to 10% if the underlying shares aren't registered within six months.
23 June 2025capital raising announcement▲ GoodMajor
Made its first acquisition since the Pogo deal: bought oil and gas leases and wells in the South Justis Field (Permian Basin, Lea County, New Mexico) for 1 million shares of stock, and signed a workover-services contract with Corsair Well Services (with a $500K cash prepayment) to bring wells in both its Texas and New Mexico fields back online -- real operational expansion, paid mostly in equity rather than cash.
17 June 2025capital raising announcement▲ GoodMajor
Closed the ORRI buyout and seller-note settlement agreed in February: instead of converting its OpCo preferred units, Pogo Royalty accepted 3 million shares of Class A stock -- resolving a major piece of the original Pogo deal's deferred consideration.
9 May 2025capital raising announcement▼ BadMajor
Exchanged $2.9M of the remaining 2023 bridge notes and 3.95M warrants for $6.85M of the same deeply-discounted convertible notes -- by far the largest tranche yet, converting most of the original 2023 bridge financing into toxic long-dated debt.
13 Feb 2025capital raising announcement▲ GoodMajor
Struck a deal to cut the $15M Pogo seller note nearly in half: agreed to buy out a 10% overriding royalty on Pogo's oil and gas assets for $14M cash, while the seller agreed to waive accrued interest, reduce the note to $8M, and settle it for an $8M cash payment -- contingent on the company securing financing to fund it.
7 Feb 2025capital raising announcement▼ BadMajor
Exchanged another $582,500 of 2023 bridge notes and 984,000 warrants, this time from 11 investors, for $1.57M of the same deeply-discounted convertible notes -- the toxic-conversion financing continuing to spread across the bridge-note holder base.
24 Jan 2025capital raising announcement▼ BadMajor
Exchanged $400,000 of 2023 bridge notes and 950,000 warrants held by seven investors for $1.35M of new convertible notes -- convertible at a steeply discounted $0.25 floor or 90% of the lowest recent trading price, a toxic-financing structure that ratchets down further if the company sells stock any cheaper.
21 Oct 2024capital raising announcement▼ BadMajor
Now renamed EON Resources Inc. (ticker EONR), the company issued a wide batch of stock to settle obligations rather than pay cash: severance shares to its former CEO, consulting-fee shares to outside advisors, "thank you" shares to insiders who personally pledged stock to secure FIBT letters of credit, and stock-for-cash settlements of unpaid vendor invoices at $1/share -- a pattern that points to real cash scarcity even as the company adopts its new identity.
20 June 2024capital raising announcement● Neutral
Further eased the mechanics of the White Lion equity line, speeding up "Rapid Purchase" draws to same-day closings -- continued fine-tuning of the company's standing dilutive financing source.
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.
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.
3 Jan 2023capital raising announcement▲ GoodMajor
Identified its target: signed a purchase agreement to buy Pogo Resources, LLC, a Texas oil and gas operator, from CIC Pogo LP and its co-sellers for $100M -- $85M cash (up to $15M of it via a seller note) plus 2 million shares -- the deal that would become the company's core business.
16 Feb 2022capital raising announcement▲ GoodMajor
HNR Acquisition Corp, a blank-check SPAC, completed its IPO -- $86.25M from public units plus a $5.05M private placement to its sponsor, HNRAC Sponsors LLC -- starting the clock to find and close an initial business combination.
