Empire Petroleum Incurs Debt, Sells Unregistered Equity
Ticker: EP · Form: 8-K · Filed: Feb 21, 2024 · CIK: 887396
| Field | Detail |
|---|---|
| Company | Empire Petroleum CORP (EP) |
| Form Type | 8-K |
| Filed Date | Feb 21, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $5,000,000, $2,500,000, $6.25, $5.0 million |
| Sentiment | mixed |
Sentiment: mixed
Topics: debt, equity-issuance, material-agreement
TL;DR
**Empire Petroleum just took on new debt and sold more shares without registering them, watch for potential dilution!**
AI Summary
EMPIRE PETROLEUM CORP entered into a Material Definitive Agreement and incurred a Direct Financial Obligation on February 16, 2024. The company also engaged in Unregistered Sales of Equity Securities. This 8-K filing, dated February 21, 2024, details these events, which include the creation of a financial obligation and the issuance of equity without registration.
Why It Matters
This filing indicates Empire Petroleum is raising capital through debt and equity, which could impact its financial structure and future operations, potentially diluting existing shareholders.
Risk Assessment
Risk Level: medium — The creation of a direct financial obligation and unregistered sales of equity securities can introduce financial risk and potential shareholder dilution.
Key Players & Entities
- EMPIRE PETROLEUM CORP (company) — Registrant
- February 16, 2024 (date) — Date of earliest event reported
- February 21, 2024 (date) — Filed as of date
- 0000887396 (company) — Central Index Key (CIK) for EMPIRE PETROLEUM CORP
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on February 16, 2024.
What types of events did EMPIRE PETROLEUM CORP report in this 8-K?
EMPIRE PETROLEUM CORP reported an Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, and Unregistered Sales of Equity Securities.
When was this 8-K filed with the SEC?
This 8-K was filed with the SEC on February 21, 2024.
What is the Central Index Key (CIK) for EMPIRE PETROLEUM CORP?
The Central Index Key (CIK) for EMPIRE PETROLEUM CORP is 0000887396.
What is the business address of EMPIRE PETROLEUM CORP?
The business address of EMPIRE PETROLEUM CORP is 2200 S. UTICA PLACE, SUITE 150, TULSA, OK 74114.
Filing Stats: 1,198 words · 5 min read · ~4 pages · Grade level 12 · Accepted 2024-02-21 16:48:11
Key Financial Figures
- $5,000,000 — te in the aggregate principal amount of $5,000,000 (the "Note") to Energy Evolution Master
- $2,500,000 — ergy Evolution has advanced the Company $2,500,000 under the Note. From time to time after
- $6.25 — of the Company at a conversion price of $6.25 per share (the "Conversion Price"), at
- $5.0 million — 26 in the aggregate principal amount of $5.0 million in favor of Energy Evolution Master Fun
Filing Documents
- emp_8k-18799.htm (8-K) — 41KB
- exh10_18799.htm (EX-10) — 88KB
- 0001072613-24-000261.txt ( ) — 313KB
- ep-20240216.xsd (EX-101.SCH) — 3KB
- ep-20240216_lab.xml (EX-101.LAB) — 33KB
- ep-20240216_pre.xml (EX-101.PRE) — 22KB
- emp_8k-18799_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES 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. EMPIRE PETROLEUM CORPORATION Date: February 21, 2024 By: /s/ Michael R. Morrisett Michael R. Morrisett President and Chief Executive Officer 4