16 June 2016director interest notice● Neutral
LILIS ENERGY, INC. Chief Executive Officer Abraham Mirman bought 1,851 shares on the open market.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 June 2016director interest notice● Neutral
LILIS ENERGY, INC. director Ronald D Ormand bought 1,001 shares on the open market.
16 June 2016capital raising announcement▲ GoodMajor
Lilis lined up roughly $20 million in new Series B convertible preferred stock commitments - at a conversion price of just $0.11/share, reflecting how far the stock had fallen - to fund the Brushy merger closing, debt repayment and drilling. This rescue capital was what finally made completing the merger possible.
20 May 2016quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $42 thousand and a net loss of $3.4 million for the period ended 2016-03-31.
16 May 2016late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its quarterly report would be filed late.
10 May 2016capital raising announcement▼ BadMajor
Heartland extended its forbearance again (to May 31, 2016) and dropped the cap on new subordinated debt after Lilis paid down overdue interest and fees, while the company kept layering on ever-cheaper bridge notes - the latest tranche came with warrants exercisable at just $0.01 - just to fund its Brushy merger deposit and stay afloat.
9 May 2016director interest notice● Neutral
LILIS ENERGY, INC. director Nuno Brandolini bought 500,000 shares on the open market.
9 May 2016director interest notice● Neutral
LILIS ENERGY, INC. director Ronald D Ormand bought 500,000 shares on the open market.
25 Apr 2016listing compliance notice▼ BadMajor
Lilis Energy couldn't even afford to pay Nasdaq's annual listing fee, triggering yet another delisting-risk notice - on top of the extension through May 23, 2016 a Nasdaq hearings panel had already granted the company to fix its other listing deficiencies.
30 Mar 2016late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its annual report would be filed late.
24 Mar 2016business combination▼ BadMajor
With the Brushy merger deadline pushed to May 31, 2016, Lilis leaned on increasingly distressed bridge financing to survive: $3.75 million (plus a $500,000 follow-on) in 12% convertible notes with warrants struck at just $0.25/share, funding its merger deposit and Heartland interest payments - with even its own director R. Glenn Dawson buying in as a lender.
7 Mar 2016material agreement▼ BadMajor
Lilis was already in default under its Heartland Bank credit agreement covenants and had to expand a forbearance arrangement, with Heartland letting the company add $1 million more subordinated debt (to $5 million total) earmarked for auditor fees, merger-related legal costs, and interest payments - just to stay solvent long enough to close the Brushy merger.
20 Jan 2016business combination▲ GoodMajor
Lilis increased its refundable deposit to Brushy to $2 million to also cover a payment to Brushy's senior lender Independent Bank, while refreshing its own board: independent director G. Tyler Runnels resigned, new independent director R. Glenn Dawson was added (filling the audit-committee independence gap Nasdaq had flagged), and Ronald Ormand became Chairman.
8 Jan 2016substantial holder notice● Neutral
ABRAHAM MIRMAN reported a LILIS ENERGY, INC. shareholding of 3,343,991 shares (10.50% of votes) in a periodic institutional filing.
8 Jan 2016substantial holder notice● Neutral
RONALD D. ORMAND disclosed a new substantial LILIS ENERGY, INC. shareholding (8.80% of votes).
5 Jan 2016business combination▲ GoodMajor
Facing delisting, Lilis Energy agreed to merge with Brushy Resources, exchanging each Brushy share for about 4.33 Lilis shares and making Brushy a wholly-owned subsidiary - a scale-up combination intended to fix the company's going-concern problems, backed by voting agreements from Brushy's major holders (SOSventures and several funds) and a $1 million deposit Lilis paid Brushy at signing.
18 Dec 2015listing compliance notice▼ BadMajor
Nasdaq flagged yet another compliance gap - director Ronald Ormand was determined not to be independent, leaving the audit committee short of the required three independent members - on top of the pending delisting hearing over stockholders' equity and the still-open minimum bid price grace period.
1 Dec 2015substantial holder notice● Neutral
G. TYLER RUNNELS reported a LILIS ENERGY, INC. shareholding of 3,331,571 shares (11.80% of votes) in a periodic institutional filing.
27 Nov 2015listing compliance notice▼ BadMajor
Nasdaq determined Lilis Energy had not fixed its stockholders'-equity deficiency by the extended deadline and moved toward delisting; the company's only recourse was to request a hearing before Nasdaq's Listing Qualifications Panel, where it would also have to answer for its separate minimum-bid-price failure.
23 Nov 2015quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $61 thousand and a net loss of $19.4 million for the period ended 2015-09-30.
16 Nov 2015late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its quarterly report would be filed late.
25 Sept 2015listing compliance notice▼ BadMajor
Lilis Energy's distress deepened on two fronts at once: its stock (LLEX) fell below Nasdaq's $1.00 minimum bid price, and its stockholders' equity had shrunk further to just $3.5 million by mid-2015, well past the point the earlier $10 million deficiency notice was meant to be cured.
19 Aug 2015quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $172 thousand and a net loss of $4.5 million for the period ended 2015-06-30.
14 Aug 2015late filing notice▼ Bad
LILIS ENERGY, INC. notified the SEC that its quarterly report would be filed late.
11 June 2015material agreement● NeutralMajor
Lilis Energy expanded the Swan Exploration Wattenberg acquisition to 1,015 net acres and raised the price to $5.76 million, pushing the closing date to mid-June 2015.
22 May 2015listing compliance notice▼ BadMajor
Nasdaq again cited Lilis Energy for falling below the $10 million stockholders'-equity minimum - now down to $6.4 million - reviving a deficiency the company thought it had cured back in early 2014.
15 May 2015quarterly activities report▼ Bad
LILIS ENERGY, INC. reported quarterly revenue of $118 thousand and a net loss of $8.3 million for the period ended 2015-03-31.
5 May 2015material agreement▲ GoodMajor
Lilis Energy agreed to buy interests in 53 producing wells plus undeveloped acreage in the core Wattenberg Field from Swan Exploration for about $7.1 million total, funded by drawing on its new Heartland Bank credit line - a real accretive acquisition even as the company's Nasdaq compliance troubles continued.
1 May 2015substantial holder notice● Neutral
ABRAHAM MIRMAN disclosed a new substantial LILIS ENERGY, INC. shareholding (6.00% of votes).
30 Apr 2015substantial holder notice● Neutral
G. TYLER RUNNELS reported a LILIS ENERGY, INC. shareholding of 3,003,675 shares (10.20% of votes) in a periodic institutional filing.