Energy Services of America Completes Asset Acquisition

TL;DR

ESA just bought some assets, deal closed Dec 2nd.

AI Summary

Energy Services of America Corporation (ESA) announced the completion of its acquisition of assets on December 2, 2024. The filing does not specify the nature of the assets acquired or the financial terms of the transaction.

Why It Matters

This filing indicates a significant corporate action for Energy Services of America, potentially impacting its operational scope and future financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details regarding the acquired assets and their financial implications introduces uncertainty.

Key Players & Entities

• Energy Services of America Corporation (company) — Registrant
• December 2, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 ESOA The Nasdaq Stock Market LLC In
• $22.0 million — employees and equipment) of Tribute for $22.0 million in cash, subject to a working capital a
• $2.0 million — ct to a working capital adjustment, and $2.0 million in Energy Services Common Stock ("Stock
• $16.0 million — .0 million in cash was funded through a $16.0 million loan with United Bank, West Virginia, w
• $1.0 million — r. Enyart (the "Sellers") each received $1.0 million in Stock pursuant to an exemption under

Filing Documents

• tm2430109d1_8k.htm (8-K) — 26KB
• 0001104659-24-126124.txt ( ) — 195KB
• esoa-20241202.xsd (EX-101.SCH) — 3KB
• esoa-20241202_lab.xml (EX-101.LAB) — 33KB
• esoa-20241202_pre.xml (EX-101.PRE) — 22KB
• tm2430109d1_8k_htm.xml (XML) — 3KB

01 Completion of Acquisition or Disposition of

Item 2.01 Completion of Acquisition or Disposition of Assets. On December 2, 2024, Energy Services of America Corporation ("Energy Services" or the "Company") completed the previously announced acquisition of the assets of Tribute Contracting & Consultants, LLC ("Tribute"), an Ohio corporation located in South Point, Ohio. Tribute is an underground utility contractor that employs approximately 90 construction workers and primarily specializes in water and wastewater system installations in Ohio, Kentucky, and West Virginia. Pursuant to the Asset Purchase Agreement ("Agreement") dated October 30, 2024, Tribute Acquisition Company, Inc. ("Buyer"), a newly formed subsidiary of Energy Services, acquired substantially all the assets (including but not limited to customer contracts, employees and equipment) of Tribute for $22.0 million in cash, subject to a working capital adjustment, and $2.0 million in Energy Services Common Stock ("Stock"). Todd Harrah and Tommy Enyart will continue their employment with the Company's new subsidiary. The $22.0 million in cash was funded through a $16.0 million loan with United Bank, West Virginia, with the remainder paid in cash by the Company. Additionally, Mr. Harrah and Mr. Enyart (the "Sellers") each received $1.0 million in Stock pursuant to an exemption under The Securities Act of 1933. Based on the market value calculation in the Agreement, the Sellers each received 67,386 shares of Stock. Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 2.1 Asset Purchase Agreement dated October 30, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) 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. ENERGY SERVICES OF AMERICA CORPORATION DATE: December 6, 2024 By: /s/ Charles Crimmel Charles Crimmel Chief Financia

View Full Filing

View this 8-K filing on SEC EDGAR