24 Nov 2015listing compliance notice● NeutralMajor
ZaZa Energy Corp's exchange filed to remove a class of its securities from listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2015late filing notice▼ Bad
ZaZa Energy Corp notified the SEC that its quarterly report would be filed late.
23 Oct 2015securities registration● Neutral
ZaZa Energy Corp filed notice of an exempt private placement.
19 Oct 2015capital raising announcement● Neutral
On October 16, 2015 ZaZa sold Alpha Capital $50,000 of Series B convertible preferred stock, convertible into 250,000 common shares (about 5,000 shares per preferred share, priced at $0.20 per share). This is a very small raise next to the roughly $55 million of debt management cited and adds dilution to common holders.
5 Oct 2015listing compliance notice▼ BadMajor
ZaZa withdrew its appeal on September 30, 2015 and chose to delist from Nasdaq; trading was suspended at the open on October 5, 2015. The shares may be eligible to be quoted on the OTC Bulletin Board. This ends the Nasdaq compliance saga that began with the February 2015 notice.
21 Sept 2015material agreement▲ GoodMajor
On September 16-17, 2015 the three founder-directors (including CEO Brooks) exchanged all their 8% subordinated notes (about $50.1 million with interest) for a 2.4% overriding royalty (0.8% each) in any future interests the company or its affiliates acquire over the next five years. This extinguishes that debt without issuing shares, replacing the earlier plan to convert the notes into stock. Management says total debt falls from about $105 million to about $55 million; that figure is the company's statement. The senior secured and convertible notes remain in default.
4 Sept 2015debt financing▼ BadMajor
ZaZa did not pay the August 1 interest on its 9% convertible notes by the August 31, 2015 end of the grace period, so the whole debt ($42.1 million including accrued interest) became immediately due; default interest runs at 2.0% above 9%. This is also a default under the senior secured notes, which separately missed an August 21 interest payment. No holder had yet sent notice of acceleration, and ZaZa says it is still working with both sets of holders with no assurance of a resolution.
3 Sept 2015securities registration● Neutral
ZaZa Energy Corp filed notice of an exempt private placement.
31 Aug 2015listing compliance notice▼ BadMajor
Nasdaq told ZaZa on August 26, 2015 that its stock will be delisted because the company did not regain the $35 million market-value requirement within the 180-day grace period. ZaZa said it intends to appeal to a hearings panel; otherwise trading would be suspended September 4, 2015. If the appeal fails, the shares may be quoted on the OTC Bulletin Board or Pink Sheets. This follows the February deficiency notice and the deadline noted earlier.
21 Aug 2015capital raising announcement▼ BadMajor
On August 19, 2015 ZaZa issued a further $76,727.10 senior secured note to Alpha Capital, plus 50,000 common shares at $0.50 ($25,000 gross). Alpha also bought the O-Cap funds' remaining senior notes, so all the lenders who refused to extend are gone. ZaZa also missed the August 1 interest payment on the convertible notes (30-day grace period running), and says it will re-engage the remaining holders to seek an extension, with no assurance of success. The senior notes remain in default at 13.00%.
14 Aug 2015quarterly activities report▼ Bad
ZaZa Energy Corp reported quarterly revenue of $1.1 million and a net loss of $8.4 million for the period ended 2015-06-30.
11 Aug 2015debt financing▼ BadMajor
ZaZa missed the July 15, 2015 repayment of the ~$13.9 million senior secured notes, so the notes are in default and their interest rate rose to 13.00% from July 16. On August 5, 2015 it issued $340,000 of new senior notes (to an affiliate of director John Hearn and to CEO Todd Brooks, per the filing's text), who also bought the existing notes held by Talara and Blackwell. Talara, Blackwell and the two O-Cap funds, who held about 5.90% of the notes, had declined to extend. The default also cross-defaults the $40M convertible notes, and any holder could accelerate, though no acceleration notice had been received. This turns the earlier string of extensions into an open default.
7 Aug 2015listing compliance notice▼ BadMajor
Nasdaq told ZaZa on August 3, 2015 that its stock closed below the $1.00 minimum bid price for 30 business days, giving it a 180-day grace period (with a possible second 180 days) to get back above $1.00 for ten consecutive days. The earlier $35 million market value shortfall from February is also still unresolved, with a deadline of August 25, 2015; failing that, ZaZa would get a delisting notice that it could appeal. This shows the stock price has fallen further since the 2014 reverse split.
29 July 2015director interest notice● Neutral
Terry S. Hobbs became a ZaZa Energy Corp Controller & Treasurer and company insider (initial ownership filing).
23 July 2015director interest notice● Neutral
Charles Ngo became a ZaZa Energy Corp CAO and Dir. Fin. Reporting and company insider (initial ownership filing).
7 July 2015agm notice● Neutral
ZaZa Energy Corp shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
1 July 2015debt financing▼ BadMajor
On June 30, 2015, the senior noteholders agreed to a further extension of the ~$13.9 million senior note prepayment, from June 30 to July 15, 2015. The filing mentions no fee for this extension. ZaZa says it is talking with third-party financing sources about refinancing, with no assurance it will succeed. The repayment deadline keeps being pushed back while the debt remains unresolved.
2 June 2015director interest notice● Neutral
ZaZa Energy Corp Chief Compliance Officer Shelby Scott Gaille had 21,766 shares withheld for taxes on vesting stock.
2 June 2015director interest notice● Neutral
ZaZa Energy Corp President and CEO Todd Alan Brooks had 51,997 shares withheld for taxes on vesting stock.
29 May 2015director interest notice● Neutral
ZaZa Energy Corp CCO & General Counsel Shelby Scott Gaille had 21,766 shares withheld for taxes on vesting stock.
29 May 2015debt financing▼ BadMajor
On May 29, 2015, ZaZa and the senior noteholders agreed to push the repayment of the ~$13.9 million senior secured notes from May 29 to June 30, 2015. ZaZa agreed to pay a cash consent fee of an additional 3% of the principal, on top of the 3% amendment fee already owed. No refinancing is reported; the debt remains outstanding.
29 May 2015securities registration● Neutral
ZaZa Energy Corp filed the final prospectus for a registered offering.
14 May 2015securities registration● Neutral
ZaZa Energy Corp filed notice of an exempt private placement.
14 May 2015quarterly activities report▼ Bad
ZaZa Energy Corp reported quarterly revenue of $1.3 million and a net loss of $6.6 million for the period ended 2015-03-31.
14 May 2015quarterly activities report▼ Bad
ZaZa Energy Corp reported quarterly revenue of $1.3 million and a net loss of $6.6 million for the period ended 2015-03-31.
8 May 2015securities registration● Neutral
ZaZa Energy Corp registered a securities offering with the SEC using its shelf eligibility.
30 Apr 2015capital raising announcement● NeutralMajor
ZaZa raised $2.5 million gross by selling 2,500 shares of Series A 5% convertible preferred stock to Alpha Capital Anstalt, plus warrants for 1,875,000 shares at $2.25. The preferred converts into 2,500,000 common shares, ranks ahead of common stock on dividends and liquidation, and is non-voting; conversion/exercise is capped at 19.99% of the common stock unless shareholders approve at the 2015 annual meeting. Warrants first become exercisable October 30, 2015. Northland Securities was placement agent for a 7.0% cash fee. Founders and related holders also signed lock-up agreements (details truncated in the excerpt). This adds potential dilution and a senior claim ahead of common holders.
22 Apr 2015debt financing▼ BadMajor
Amendment No. 8 was signed on April 21, 2015, moving the senior note repayment date from May 6 to May 29, 2015. But it now requires ZaZa to repay all the senior secured notes, about $13,930,889, on May 29, rather than just the notes of holders who demanded payment. As the price of the extension, the noteholders' warrants were repriced from $15.96 to $2.50 per share, covering 3,404,275 shares, which could dilute shareholders if exercised. ZaZa says it is talking with multiple parties about refinancing, with no assurance.
20 Apr 2015director interest notice● Neutral
ZaZa Energy Corp President and CEO Todd Alan Brooks had 8,882 shares withheld for taxes on vesting stock.
20 Apr 2015director interest notice● Neutral
ZaZa Energy Corp CCO & General Counsel Shelby Scott Gaille had 2,220 shares withheld for taxes on vesting stock.