15 Apr 2015substantial holder notice● Neutral
Wallington Investment Holdings, Ltd, Silvercreek Investment Limited Inc, Pierre Caland disclosed a new substantial LILIS ENERGY, INC. shareholding (22.10% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Mar 2015late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its annual report would be filed late.
26 Feb 2015listing compliance notice▼ BadMajor
Nasdaq issued a formal delisting determination after Lilis Energy blew through the 180-day cure period for its still-late Q3 2014 10-Q; the company filed the report just one day before the deadline, narrowly avoiding delisting for now.
6 Feb 2015financial restatement▼ BadMajor
Lilis Energy disclosed a second restatement, this time because its valuation of the convertible-debenture conversion derivative going back to 2011 had only priced in the anti-dilution feature and omitted the conversion option itself - understating net losses by as much as $10.3 million in a single quarter once corrected.
13 Jan 2015debt financing▲ GoodMajor
Lilis Energy lined up a fresh $3 million senior secured term loan (expandable to $50 million) from Heartland Bank to fund asset purchases and development - its first new lending relationship since settling out of the Hexagon debt, though tied to leverage-ratio and debt-coverage covenants.
30 Dec 2014listing compliance notice▼ BadMajor
Nasdaq cited Lilis Energy for a separate governance failure - its board no longer had a majority of independent directors, and its audit and compensation committees fell below required independent-member counts, following recent director departures during the company's crisis.
26 Nov 2014quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $815 thousand and a net loss of $6.9 million for the period ended 2014-09-30.
25 Nov 2014listing compliance notice▼ BadMajor
Lilis Energy's filing delinquency spread further: its Q3 2014 10-Q also missed deadline, on top of the already-late 10-K and prior quarterlies, forcing another compliance-plan update to Nasdaq and a push to find a new auditor.
13 Nov 2014auditor change▼ BadMajor
Lilis Energy's auditor Hein & Associates declined to stand for re-election, and the company disclosed a material weakness in internal controls over officers' travel and entertainment expense documentation spanning late 2013 through 2014. Nasdaq granted a compliance exception requiring all delinquent reports filed by January 2, 2015.
10 Oct 2014substantial holder notice● Neutral
G. TYLER RUNNELS disclosed a new substantial LILIS ENERGY, INC. shareholding (8.99% of votes).
8 Sept 2014material agreement● Neutral
New CEO Abraham Mirman signed Lilis Energy up with consulting firm Bristol Capital for strategic advice, paying with warrants/options for 1 million shares at $2.00.
5 Sept 2014substantial holder notice● Neutral
Hexagon, LLC, Scott J. Reiman reported a LILIS ENERGY, INC. shareholding of 2,558,471 shares (9.30% of votes) in a periodic institutional filing.
3 Sept 2014asset acquisition disposition▼ BadMajor
Lilis Energy resolved its Hexagon default by surrendering all the mortgaged oil and gas properties that had secured the original 2010 loans, plus issuing Hexagon $2 million in new preferred stock, in exchange for full extinguishment of the roughly $14.1 million still owed - trading away the founding-era asset base that Hexagon's financing had originally built to finally clear the debt, under new CEO Abraham Mirman.
21 Aug 2014debt default or forbearance▼ BadMajor
Lilis could not make the second $5 million payment owed to Hexagon by 15 August 2014, so the May settlement lapsed and the original Hexagon credit agreements (originally $25.5 million, about $14 million still outstanding) went into payment default at a 15% rate, leaving Hexagon free to foreclose on the mortgaged oil and gas properties. That cross-defaulted the remaining $6.73 million of 8% secured convertible debentures, whose holders could raise their rate to 18%, and Nasdaq separately cited the company for not filing its June-quarter 10-Q.
18 Aug 2014late filing notice▼ Bad
LILIS ENERGY, INC. amended its notice to the SEC that its quarterly report would be filed late.
15 Aug 2014late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its quarterly report would be filed late.
10 June 2014securities registration● Neutral
LILIS ENERGY, INC. filed notice of an exempt private placement.
5 June 2014substantial holder notice● Neutral
Hexagon, LLC, Scott J. Reiman reported a LILIS ENERGY, INC. shareholding of 2,558,471 shares (9.30% of votes) in a periodic institutional filing.
4 June 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
4 June 2014capital raising announcement▼ BadMajor
Lilis Energy raised $7.5 million in new convertible preferred stock, and used part of the proceeds to strike a settlement with senior lender Hexagon over the roughly $18.8 million owed on its founding-era term loans - paying $5 million immediately, owing another $5 million by June 30, and rolling the rest into a new $6 million unsecured note plus stock, with escalating penalties if either payment slipped. The restructuring effectively admitted the original Hexagon debt could not be repaid on its own terms.
22 May 2014listing compliance notice▼ BadMajor
Lilis Energy's Nasdaq compliance problem deepened: it still hadn't filed its 2013 10-K and had now also missed its Q1 2014 10-Q deadline, with a new interim CFO (Eric Ulwelling, replacing Bradley Gabbard) now signing its filings.
19 May 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
28 Apr 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
21 Apr 2014listing compliance notice▼ BadMajor
Lilis Energy fell out of Nasdaq compliance for failing to file its 2013 annual report on time, with until mid-June 2014 to catch up - the first sign the company's own financial reporting was slipping.
21 Apr 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
1 Apr 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.
1 Apr 2014material agreement termination▼ BadMajor
Lilis Energy walked away from its proposed merger with Shoreline Energy Corp, terminating the letter of intent less than two months after signing it.
31 Mar 2014late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its annual report would be filed late.
4 Mar 2014substantial holder notice● Neutral
Hexagon, LLC, Scott J. Reiman reported a LILIS ENERGY, INC. shareholding of 2,558,471 shares (9.30% of votes) in a periodic institutional filing.
21 Feb 2014securities registration● Neutral
LILIS ENERGY, INC. filed the final prospectus for a registered offering.