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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2024substantial holder notice● Neutral
Barclays PLC, Barclays Capital Inc. disclosed a new substantial EON Resources Inc. shareholding (8.34% of votes).
14 Feb 2024substantial holder notice● Neutral
OCM Value SPAC Holdings, L.P, Atlas OCM Holdings, LLC, Oaktree Capital Group Holdings GP, LLC, Brookfield Asset Management ULC reported a EON Resources Inc. shareholding of 425,000 shares (8.10% of votes) in a periodic institutional filing.
8 Feb 2024substantial holder notice● Neutral
Saba Capital Management, L.P, Boaz R. Weinstein, Saba Capital Management GP, LLC reported no remaining EON Resources Inc. shareholding in its periodic institutional filing.
6 Feb 2024director interest notice● Neutral
Mark Williams became a EON Resources Inc. VP of Finance and Admin and company insider (initial ownership filing).
11 Jan 2024director interest notice● Neutral
Dante Caravaggio became a EON Resources Inc. Chief Executive Officer and company insider (initial ownership filing).
9 Jan 2024securities registration● Neutral
EON Resources Inc. amended a filing by which it registered a securities offering with the SEC.
6 Dec 2023director interest notice● Neutral
Mitchell Trotter became a EON Resources Inc. Chief Financial Officer and company insider (initial ownership filing).
6 Dec 2023director interest notice● Neutral
Byron Blount became a EON Resources Inc. director and company insider (initial ownership filing).
24 Nov 2023director interest notice● Neutral
Pogo Royalty, LLC became a EON Resources Inc. 10%+ owner and company insider (initial ownership filing).
24 Nov 2023substantial holder notice● Neutral
Pogo Royalty, LLC, CIC Pogo LP, CIC IV GP LLC, CIC Partners Firm LP, CIC Partners Firm GP LLC disclosed a new substantial EON Resources Inc. shareholding (29.10% of votes).
21 Nov 2023business combination▼ BadMajor
Closed the Pogo Resources acquisition -- but heavy shareholder redemptions ($49.4M of the $62.3M trust cashed out at ~$10.95/share) had hollowed out the SPAC's funding, so the cash paid to sellers shrank again to just $31.1M, topped up with a $15M seller note, OpCo preferred/common units, escrow shares and a $1.9M "settle-up" payment due within a week. Only 5.1M Class A shares remained outstanding post-redemption -- a severely thinned-out capital base for what is now an operating oil and gas company.
13 Nov 2023quarterly activities report▼ Bad
HNR Acquisition Corp, still a shell company, reported no operating revenue for the quarter ended September 30, 2023. Its net loss was $5,358 for the quarter ($415,775 for nine months), with $627,932 of trust account interest income.
7 Nov 2023securities registration● Neutral
EON Resources Inc. registered a securities offering with the SEC.
30 Oct 2023material agreement● Neutral
Extended the deadline on First International Bank & Trust's $28M debt commitment (needed to help fund the Pogo purchase) by two weeks, to November 15, 2023, as the closing timeline kept slipping.
17 Oct 2023business combination● Neutral
HNR Acquisition Corp said $120,000 was deposited into the trust account on October 13, 2023, extending its deadline to complete its business combination from October 15 to November 15, 2023. The planned Pogo Resources purchase had not yet closed.
13 Oct 2023business combination● NeutralMajor
The final proxy sets a special stockholder meeting for October 30, 2023 to vote on the Pogo purchase, now under the Aug 28, 2023 restructured deal. Cash falls from $100M to $63M (up to $15M by seller note and up to $20M by OpCo preferred units if cash on hand is low), plus 2,000,000 OpCo Class B units at $10.00 each, within a new 'Up-C' structure where the public company's main asset is its stake in a subsidiary (OpCo). This confirms the earlier downward renegotiation of the price and brings the deal to its shareholder vote.
13 Sept 2023material agreement● NeutralMajor
EF Hutton agreed to take $1,800,000 - $500,000 at the closing of the Pogo acquisition and $1,300,000 within 90 days - in full satisfaction of the $2,587,500 deferred underwriting commission from HNR's 2022 IPO, writing off about $787,500, roughly 30% of the fee. The discharge only takes effect if both payments are actually made.
13 Sept 2023agm notice● Neutral
HNR Acquisition Corp agreed with EF Hutton to settle its $2,587,500 deferred underwriting fee for $500,000 at closing plus $1,300,000 within 90 days. It also deposited $120,000 to extend its deadline to October 15, 2023, and filed an updated preliminary proxy statement.
30 Aug 2023capital raising announcement▼ BadMajor
On Aug 28, 2023 the Pogo deal was restructured as an Up-C under an amended agreement. Cash consideration was set at $63M, up to $15M of it payable by seller note and up to $20M by OpCo preferred units if cash fell short, plus 2,000,000 OpCo Class B units and 2,000,000 seller Class B shares.
18 Aug 2023quarterly activities report● Neutral
HNR Acquisition Corp, still a shell company with no operations, reported a net loss of about $233,000 for the quarter ended June 30, 2023. It had no operating revenue; trust interest income was $842,756 and the trust held about $48.1 million.
15 Aug 2023late filing notice▼ Bad
EON Resources Inc. notified the SEC that its quarterly report would be filed late.
10 Aug 2023agm notice● Neutral
HNR Acquisition Corp said its sponsor's designee deposited $120,000 into the trust account on August 7, 2023, extending the deadline to complete its business combination from August 15 to September 15, 2023. The deal was the planned purchase of Pogo Resources.
10 Aug 2023business combination● Neutral
Another $120,000 trust deposit extended the closing deadline by a further month, to September 15, 2023, as the Pogo deal continued to slip past its original timetable.
14 July 2023agm notice● Neutral
A $120,000 deposit into the trust account on July 11, 2023 extended the deadline to complete the Pogo business combination from July 15 to August 15, 2023.
14 July 2023business combination● Neutral
Another routine $120,000 trust deposit extended the deadline to close the Pogo acquisition by one more month, to August 15, 2023.
22 May 2023quarterly activities report● Neutral
HNR Acquisition Corp, then a shell company with no operating revenue, reported a net loss of $177,614 for the quarter ended March 31, 2023, with $946,916 of trust account interest income offset by operating costs and taxes.
16 May 2023late filing notice▼ Bad
EON Resources Inc. notified the SEC that its quarterly report would be filed late.
14 Feb 2023substantial holder notice● Neutral
Saba Capital Management, L.P, Boaz R. Weinstein, Saba Capital Management GP, LLC reported a EON Resources Inc. shareholding of 650,000 shares (5.60% of votes) in a periodic institutional filing.
14 Feb 2023business combination● NeutralMajor
The company (then the SPAC HNR Acquisition Corp) filed a preliminary proxy asking stockholders to approve buying Pogo Resources, LLC under the Dec 27, 2022 agreement: $100M cash (up to $15M via a seller note) plus 2,000,000 shares valued at $10.00 each, with 500,000 of those shares held in escrow. The meeting date and record date are still blank, so this is a draft that starts the formal approval process for the Pogo deal announced earlier.