4 Nov 2016substantial holder notice● Neutral
Davis Petroleum Investment, LLC, Evercore Partners II LLC disclosed a new substantial Yuma Energy, Inc. shareholding (16.60% of votes).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Nov 2016director interest notice● Neutral
Stuart Emlyn Davies became a Yuma Energy, Inc. director and company insider (initial ownership filing).
4 Nov 2016director interest notice● Neutral
Evercore Partners II LLC became a Yuma Energy, Inc. 10%+ owner and company insider (initial ownership filing).
3 Nov 2016auditor change● Neutral
An amendment to the November 1, 2016 8-K, filed after the Davis merger closed on October 26, 2016, to restate the auditor disclosure. Davis's auditor PwC would not stand for election for the combined company, and Grant Thornton, Yuma's prior auditor, was engaged as auditor effective November 1, 2016. PwC's reports for 2015 and 2014 had no adverse opinion, and the filing reports no disagreements with PwC. This is a routine auditor change following the merger.
1 Nov 2016business combination● NeutralMajor
Yuma completed its reincorporation in Delaware, with a 1-for-20 reverse split, and its merger with Davis on October 26, 2016, issuing about 7.46 million common shares and 1.75 million Series D preferred shares to Davis holders. It also entered a $75 million three-year SocGen revolving credit facility with a $44 million initial borrowing base, maturing October 26, 2019.
25 Oct 2016listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Yuma Energy, Inc.'s securities for listing, clearing them to begin trading.
23 Sept 2016business combination● NeutralMajor
Yuma filed the definitive proxy statement/prospectus for the Davis merger, the final version of the earlier S-4 drafts. Terms match Amendment No. 3: Yuma reincorporates in Delaware with a board-chosen reverse split between 1-for-10 and 1-for-20, Series A preferred converts into 1.75 to 3.5 common shares, and Davis holders get about 61.1% of the common stock versus about 38.9% for existing Yuma holders. Yuma shareholders will vote at a special meeting. The text shown is truncated, so the meeting date is not confirmed.
22 Sept 2016securities registration● Neutral
Yuma Energy, Inc. filed a prospectus supplement for an offering off its existing shelf.
9 Sept 2016business combination● NeutralMajor
Amendment No. 3, filed September 9, 2016, reflects a September 2, 2016 amendment to the merger agreement. The reverse split is no longer fixed at 1-for-10: Yuma shareholders are asked to let the board pick a ratio between 1-for-10 and 1-for-20, and the Series A preferred would convert into 1.75 to 3.5 common shares. The 61.1% / 38.9% ownership split is stated to be unaffected by the ratio chosen.
25 Aug 2016business combination● Neutral
Amendment No. 2 to the Davis merger registration statement, filed August 25, 2016. The visible text shows the same deal terms as before (about 14.5 million common shares to Davis holders, 61.1% / 38.9% split, board unanimously recommending approval). No new terms appear in the portion available; the text was truncated, so any other changes are not confirmed.
5 Aug 2016business combination● Neutral
Amendment No. 1 to the Davis merger registration statement, filed August 4, 2016. The deal terms shown are unchanged (61.1% / 38.9% ownership split, 1-for-10 reverse split). The fee table now registers 3,302,215 Series D preferred shares and the common shares underlying them, with a total fee of $5,283 against $5,272 already paid in June.
17 June 2016business combination● NeutralMajor
Yuma filed its first registration statement (Form S-4) for the planned merger with Davis Petroleum Acquisition Corp. under a February 10, 2016 agreement. Yuma would reincorporate in Delaware with a 1-for-10 reverse split, then Davis holders would get about 14.5 million common shares and about 3.3 million Series D preferred shares, leaving them with about 61.1% of the common stock and existing Yuma holders about 38.9%. Existing Yuma holders would be heavily diluted if it completes, and shareholder votes are still to come.