2 June 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 601,003 shares at $10.18.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 June 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 47,558 shares at $10.18.
31 May 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 840,464 shares at $10.18.
26 May 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 147,916 shares at $10.17.
24 May 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 168,325 shares.
16 May 2023debt financing● Neutral
Flame issued two more sponsor notes, $395,000 and $355,000, to cover Flame's and Sable's respective expenses.
15 May 2023quarterly activities report▼ Bad
Flame Acquisition Corp., the SPAC merging with Sable, filed its quarterly report for the three months ended March 31, 2023. As a shell company it had no operating revenue.
12 May 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 27,263 shares.
10 May 2023director interest notice● Neutral
Sable Offshore Corp. 10%+ owner Pilgrim Global Icav sold 43,701 shares.
10 May 2023substantial holder notice● Neutral
Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc, Sculptor Master Fund, Ltd, Sculptor Special Funding, LP, Sculptor SC II LP disclosed a new substantial Sable Offshore Corp. shareholding (5.45% of votes).
10 Apr 2023director interest notice● Neutral
Pilgrim Global Icav became a Sable Offshore Corp. 10%+ owner and company insider (initial ownership filing).
30 Mar 2023debt financing▼ Bad
With the deal dragging on, Flame's sponsor won more room to turn its support into equity: the ceiling on sponsor loans convertible into warrants at $1.00 each rose from $1.5 million to $3.5 million, and the $905,000 already lent was amended to carry that conversion right.
30 Mar 2023agm notice● Neutral
Flame Acquisition Corp., the SPAC merging with Sable Offshore Holdings, amended its sponsor letter agreement to allow up to $3.5 million (up from $1.5 million) of sponsor loans to convert into warrants at $1.00 each. Its existing $905,000 promissory notes were also amended to carry that conversion right.
21 Mar 2023agm notice● Neutral
Flame and Sable furnished an investor presentation dated March 21, 2023, prepared for potential PIPE investors in connection with the proposed business combination.
21 Mar 2023business combination● Neutral
Flame and Sable posted another investor presentation aimed at potential PIPE investors, continuing to court additional capital commitments ahead of closing.
1 Mar 2023agm notice● Neutral
Flame stockholders approved extending the deadline to complete the Sable business combination from March 1 to September 1, 2023. Holders of 20,317,255 Class A shares redeemed, removing about $206.1 million from the trust account.
14 Feb 2023substantial holder notice● Neutral
Saba Capital Management, Boaz Weinstein and Saba Capital Management GP reported holding 1,150,783 shares (4.0%) of Flame Acquisition Corp, the company that became Sable Offshore, meaning they fell below the 5% reporting threshold.
14 Feb 2023substantial holder notice● Neutral
Fort Baker Capital Management LP, Steven Patrick Pigott, Fort Baker Capital, LLC disclosed a new substantial Sable Offshore Corp. shareholding (9.35% of votes).
14 Feb 2023substantial holder notice● Neutral
Sculptor Capital LP, Sculptor Capital II LP, Sculptor Capital Holding Corp, Sculptor Capital Holding II LLC, Sculptor Capital Management, Inc, Sculptor Master Fund, Ltd, Sculptor Special Funding, LP, Sculptor SC II LP reported a Sable Offshore Corp. shareholding of 1,425,015 shares (4.96% of votes) in a periodic institutional filing.
10 Feb 2023agm notice● Neutral
Flame Acquisition called a special stockholder meeting for February 27, 2023 to vote on extending its deadline to complete a business combination from March 1 to September 1, 2023. The extension would give time to close the pending Sable merger.
7 Feb 2023debt financing● Neutral
Flame issued a $535,000 sponsor note, continuing to fund itself while the Sable merger was pending.
23 Jan 2023agm notice● Neutral
Sable Offshore 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).
8 Dec 2022director interest notice● Neutral
Sable Offshore Corp. CEO & President James C Flores bought 7,500 shares on the open market at $10.10.
22 Nov 2022director interest notice● Neutral
Sable Offshore Corp. director Dillard Michael E. bought 400,000 shares on the open market.
16 Nov 2022substantial holder notice● Neutral
Hartree Partners, LP disclosed a new substantial Sable Offshore Corp. shareholding (7.00% of votes).
14 Nov 2022quarterly activities report▼ Bad
Sable Offshore Corp. reported a quarterly net loss of $192 thousand for the period ended 2022-09-30.
10 Nov 2022business combination● NeutralMajor
Flame filed a preliminary proxy statement for a shareholder vote on its merger with Sable Offshore Corp. and Sable Offshore Holdings LLC, under the agreement dated November 2, 2022. Sable's existing shares are cancelled for no consideration, and Holdco holders receive 3,000,000 Flame Class A shares in total. Initial PIPE investors committed $71.5M at $10.00 per share, with additional PIPE subscriptions capped at $400M in total. Public holders can redeem for a pro rata share of the trust, and the planned new NYSE symbols are SOC and SOC.WS. This is the formal start of the shareholder-approval process for the deal announced on 2022-11-02.
2 Nov 2022business combination● NeutralMajor
Flame Acquisition Corp agreed to merge with Sable Offshore Corp, which separately agreed to buy ExxonMobil's Santa Ynez Unit -- offshore Southern California oil platforms plus the onshore processing plant and pipeline that connect them to shore -- for $625 million, financed partly by a 5-year secured loan from Exxon itself. The merger would take Sable public via the SPAC.
2 Nov 2022agm notice● Neutral
Flame Acquisition Corp. announced a merger agreement with Sable Offshore Corp. and its parent Holdco on November 2, 2022. Flame would be renamed Sable Offshore Corp. and keep its four-member board after closing.
1 Nov 2022debt financing● Neutral
On October 31, 2022, Flame issued an unsecured, non-interest-bearing $200,000 promissory note to its sponsor, Flame Acquisition Sponsor LLC, repayable on completion of a business combination.