Past year: ▲ 391%(20.2c – 3.13 USD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2020bankruptcy or receivership▼ BadMajor
Yuma's Chapter 11 case converted to Chapter 7 liquidation after its planned asset auction drew only minimal bids amid the 2020 oil-price collapse and unresolved well problems, and secured creditor YE Investment (Red Mountain) could not agree on a plan with the Unsecured Creditors Committee.
24 Apr 2020listing compliance notice● NeutralMajor
Yuma Energy, Inc.'s exchange filed to remove a class of its securities from listing.
16 Apr 2020bankruptcy or receivership▼ BadMajor
Yuma Energy and three subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Northern District of Texas, intending an orderly 90-day auction of its Louisiana, Texas, Wyoming and Oklahoma properties. CRO Anthony Schnur briefly stepped down from his interim executive titles to join restructuring firm Ankura Consulting, then was immediately reappointed Chief Restructuring Officer through Ankura.
7 Apr 2020material agreement termination▼ BadMajor
The Restructuring Agreement's required stockholder approval was never obtained by its December 31, 2019 deadline, so YE Investment/Red Mountain terminated the agreement and declared all amounts under the credit facility immediately due - reversing the lifeline extended just months earlier.
2 Dec 2019debt financing● NeutralMajor
Yuma and Red Mountain's YE Investment amended and restated the credit agreement, adding a new $2.0M delayed-draw term loan (10% interest, maturing September 2022, 10% prepayment penalty) on top of the $1.7M already purchased and reduced from the original bank debt.
2 Oct 2019debt financing● NeutralMajor
Red Mountain Capital Partners' affiliate YE Investment had purchased Yuma's entire ~$32.8M senior secured bank debt and, under a Restructuring and Exchange Agreement, cut it down to a $1.4M note convertible into common stock at about $0.129/share (5% interest, maturing 2022) - a drastic debt writedown that handed Red Mountain effective control, conditioned on stockholder approval by December 31, 2019.
18 Sept 2019material agreement▼ BadMajor
Yuma entered a forbearance agreement with YE Investment LLC - an affiliate of Red Mountain Capital Partners, already a Yuma shareholder since the 2016 Davis Petroleum merger - under which YE agreed not to enforce its rights over Yuma's existing loan defaults until October 26, 2019. The 8-K was signed by Anthony C. Schnur in the new role of Chief Restructuring Officer, confirming a formal restructuring was underway.
3 Sept 2019listing compliance notice● NeutralMajor
NYSE American accepted Yuma's compliance plan and granted it a plan period through December 2020 to fix its equity deficiencies - a reprieve from immediate delisting, not a resolution of the underlying financial distress.
28 Aug 2019listing compliance notice▼ BadMajor
NYSE American issued a third listing deficiency notice: stockholders' equity had fallen further, to about $2.4M as of June 30, 2019, now also breaching a separate, lower $4.0M equity threshold on top of the still-unresolved June notice.
24 June 2019security holder rights change● NeutralMajor
To address the low-share-price delisting notice, Yuma's board approved a 1-for-15 reverse stock split, effective July 3, 2019, cutting shares outstanding from about 23.2M to about 1.5M. It fixed the price-compliance problem but did nothing for the company's underlying equity and liquidity shortfalls.
21 June 2019listing compliance notice▼ BadMajor
NYSE American cited Yuma for a second listing deficiency: stockholders' equity of $5,998,045 as of March 31, 2019, just under the $6.0M minimum required given its history of losses. Yuma had until mid-July to submit a compliance plan, with a cure deadline of December 2020.
30 Apr 2019auditor change▼ BadMajor
Moss Adams declined to stand for reappointment as Yuma's auditor shortly after its report on Yuma's 2018 financial statements included an explicit going-concern qualification - substantial doubt about the company's ability to continue as a going concern. Marcum LLP was appointed for fiscal 2019.
10 Jan 2019listing compliance notice▼ BadMajor
NYSE American warned Yuma that its stock had traded at a low price for a sustained period and gave it until July 2019 to fix it via a reverse split or sustained price improvement or face delisting.
12 Oct 2018debt default or forbearance▼ BadMajor
Societe Generale formally declared an Event of Default after Yuma again fell below its $4M minimum-liquidity covenant. The lenders reserved the right to accelerate the $35M outstanding balance and add a 2% default interest rate but had not yet done so.
5 Sept 2018material agreement▼ BadMajor
Yuma needed a third waiver in four months, this time covering three simultaneous covenant breaches (debt-to-EBITDAX, current ratio and interest coverage) for the quarter ended June 30, 2018 - the covenant erosion was accelerating, not stabilizing.
3 Aug 2018material agreement▼ BadMajor
Yuma breached its $4M minimum-liquidity covenant and again needed a lender waiver, this time also agreeing to weekly cash-flow forecasts and monthly payables reports to its lenders - a level of creditor oversight typical of a company under close credit-risk monitoring.
11 May 2018material agreement▼ BadMajor
Yuma breached its debt-to-EBITDAX covenant for the quarter ended March 31, 2018 and needed a lender waiver to avoid default. Societe Generale granted the waiver but cut the borrowing base from $44M to $35M, required more hedging, and added monthly reporting - the first formal covenant breach in the credit facility's history.
16 Nov 2017auditor change● Neutral
Hein & Associates resigned as Yuma's auditor after merging into Moss Adams, which was appointed as the new auditor - an administrative change, not a disagreement.
11 July 2017auditor change● Neutral
Yuma dismissed Grant Thornton as its auditor (clean opinion, no disagreements) and appointed Hein & Associates for fiscal 2017.
23 May 2017material agreement● Neutral
Yuma amended its Societe Generale credit facility, raising its minimum liquidity covenant from $3M to $4M and reaffirming the $44M borrowing base (subject to a $3.5M step-down tied to a pending $5.5M asset sale).
1 Nov 2016business combination● NeutralMajor
Yuma Energy reincorporated from California to Delaware and merged with Davis Petroleum Acquisition Corp, issuing about 7.46M shares and 1.75M Series D preferred shares to Davis's holders (bringing in PE investors Red Mountain Capital Partners, Sankaty/Bain, HarbourVest and Dover Street). The combined company took on a new $75M, three-year senior secured revolving credit facility with Societe Generale, initial borrowing base $44M, maturing October 2019, with covenants including a 3.5x debt-to-EBITDAX limit.
25 Oct 2016listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Yuma Energy, Inc.'s securities for listing, clearing them to begin trading.
