EON Resources Inc. Reports Unregistered Equity Sales & Warrants
Ticker: EONR-WT · Form: 8-K · Filed: Oct 21, 2024 · CIK: 1842556
Sentiment: neutral
Topics: unregistered-sales, warrants, equity-securities
TL;DR
EON Resources Inc. filed an 8-K detailing unregistered equity sales and warrants exercisable at $11.50.
AI Summary
EON Resources Inc. (formerly HNR Acquisition Corp.) filed an 8-K on October 21, 2024, reporting unregistered sales of equity securities and financial statements. The filing indicates that on October 15, 2024, EON Resources Inc. had redeemable warrants exercisable for three-quarters of one share of Class Common Stock at an exercise price of $11.50 per share.
Why It Matters
This filing details the terms of certain warrants, which could impact future share dilution and the company's capital structure if exercised.
Risk Assessment
Risk Level: medium — The filing concerns unregistered sales of equity and warrants, which can introduce uncertainty regarding share count and potential dilution.
Key Numbers
- $11.50 — Warrant Exercise Price (Price at which redeemable warrants can be exercised.)
Key Players & Entities
- EON Resources Inc. (company) — Registrant
- HNR Acquisition Corp. (company) — Former company name
- October 15, 2024 (date) — Date of earliest event reported
- October 21, 2024 (date) — Date of report
- $11.50 (dollar_amount) — Exercise price of redeemable warrants
FAQ
What specific equity securities were sold in the unregistered sale?
The filing does not specify the exact type of equity securities sold in the unregistered sale, only that it pertains to 'Unregistered Sales of Equity Securities'.
How many warrants are outstanding and exercisable?
The filing mentions 'Redeemable Warrants Exercisable For Three Quarters Of One Share Of Class Common Stock At Exercise Price Of $11.50 Per Share' but does not specify the total number of warrants.
What is the potential dilution from these warrants if fully exercised?
The filing indicates warrants are for 'three quarters of one share' and exercisable at $11.50, but the total number of warrants is not provided, so potential dilution cannot be calculated from this filing alone.
When was EON Resources Inc. formerly known as HNR Acquisition Corp.?
The date of the name change from HNR Acquisition Corp. to EON Resources Inc. was January 26, 2021.
What is the SIC code for EON Resources Inc.?
The Standard Industrial Classification (SIC) code for EON Resources Inc. is 1311, which corresponds to Crude Petroleum & Natural Gas.
Filing Stats: 1,345 words · 5 min read · ~4 pages · Grade level 11.6 · Accepted 2024-10-21 09:00:17
Key Financial Figures
- $0.0001 — tered Class A Common Stock, par value $0.0001 per share EONR NYSE American Rede
- $11.50 — A Common Stock at an exercise price of $11.50 per share EONR WS NYSE American I
- $1.00 — s A Common Stock, issuable at a rate of $1.00 of accounts payable per share of Class
- $260,000 — Inc. in exchange for the forgiveness of $260,000 of outstanding accounts payable. 1 On
- $0.75 — A Common Stock at an exercise price of $0.75 per share (the "Warrant"). The Warrant
Filing Documents
- ea0218032-8k_eonresour.htm (8-K) — 37KB
- ea021803201ex4-1_eonresour.htm (EX-4.1) — 73KB
- 0001213900-24-089105.txt ( ) — 347KB
- eonr-20241015.xsd (EX-101.SCH) — 4KB
- eonr-20241015_def.xml (EX-101.DEF) — 26KB
- eonr-20241015_lab.xml (EX-101.LAB) — 36KB
- eonr-20241015_pre.xml (EX-101.PRE) — 25KB
- ea0218032-8k_eonresour_htm.xml (XML) — 6KB
02 Unregistered
Item 3.02 Unregistered Sales of Equity Securities As previously disclosed, on November 15, 2023, EON Resources Inc., a Delaware corporation (the "Company"), entered into an employment agreement with Diego Rojas to serve as the Company's Chief Executive Officer. As previously disclosed, in connection with Mr. Rojas' resignation from the Company, the Company entered into a separation and release agreement (the "Separation and Release Agreement") with Mr. Rojas on December 17, 2023. Pursuant to the Separation and Release Agreement, the Company agreed to, among other things, issue to Mr. Rojas 60,000 shares of the Company's Class A common stock, par value $0.0001 per share (the "Class A Common Stock"). On October 15, 2024, the Company issued such 60,000 shares of Class A Common Stock to Mr. Rojas. As previously disclosed, on May 6, 2024, the Company entered into a settlement and mutual release agreement with Rhne Merchant House, Ltd. ("RMH Ltd"), pursuant to which the Company agreed to, among other things, issue to RMH Ltd 150,000 shares of Class A Common Stock, subject to a contractual lockup, as final consideration under that certain Consulting Agreement, dated February 15, 2023, by and between the Company and RMD Ltd, which was deemed terminated as of May 6, 2024. On October 15, 2024, the Company issued such 150,000 shares of Class A Common Stock to RMH Ltd. On June 3, 2024, the Company agreed to issue to Mike Porter 75,000 shares of Class A Common Stock as consideration for investor relations consulting services provided to the Company. On October 15, 2024, the Company issued such 75,000 shares of Class A Common Stock to Mr. Porter. As previously disclosed, on November 15, 2023, the Company entered into that certain Senior Secured Team Loan Agreement, among the Company, as borrower, First International Bank & Trust, as lender ("FIBT"), HNRA Upstream, LLC, HNRA Partner, Inc., Pogo Resources, LLC and LH Operating, LLC, as guarantors (as amended, the "Loan Agreeme
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits The following exhibits are being filed herewith: Exhibit Number Description 4.1 Warrant issued by EON Resources Inc. to Pryor Cashman LLP, dated October 18, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. October 21, 2024 EON Resources Inc. By: /s/ Mitchell B. Trotter Name: Mitchell B. Trotter Title: Chief Financial Officer 3