Empery Asset Management Reports 52,083 Permex Petroleum Shares via Warrants
Ticker: OILCF · Form: SC 13G/A · Filed: Jan 8, 2024 · CIK: 1922639
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, warrants, amendment, oil-gas
TL;DR
**Empery Asset Management still holds 52,083 Permex Petroleum shares via warrants.**
AI Summary
Empery Asset Management, LP filed an amended SC 13G/A on January 8, 2024, indicating a change in their beneficial ownership of Permex Petroleum Corp. common shares as of December 31, 2023. They now report shared voting and dispositive power over 52,083 common shares, which are issuable upon the exercise of warrants. This matters to investors because it shows a significant institutional investor maintains a stake in Permex Petroleum, primarily through warrants, which could impact future share supply if exercised.
Why It Matters
This filing shows that a notable institutional investor, Empery Asset Management, still holds a significant stake in Permex Petroleum Corp. through warrants, which could lead to an increase in outstanding shares if exercised.
Risk Assessment
Risk Level: low — This filing is an amendment to a previous disclosure and indicates a stable, albeit warrant-based, institutional holding, posing minimal new risk.
Analyst Insight
Investors should note that Empery Asset Management, LP's stake is primarily through warrants, meaning they haven't fully converted to common shares yet. This could represent potential future dilution if the warrants are exercised, but also signals continued institutional interest. Monitor future filings for changes in their warrant holdings or conversion activity.
Key Numbers
- 52,083 — Common Shares (Represents the number of Permex Petroleum Corp. common shares Empery Asset Management, LP has shared voting and dispositive power over, issuable upon exercise of warrants.)
Key Players & Entities
- Empery Asset Management, LP (company) — the reporting person beneficially owning shares of Permex Petroleum Corp.
- Permex Petroleum Corp. (company) — the issuer whose securities are being reported.
- 52,083 (dollar_amount) — the number of common shares Empery Asset Management, LP has shared voting and dispositive power over, issuable upon exercise of warrants.
- December 31, 2023 (dollar_amount) — the date of the event which required the filing of this statement.
- Delaware (company) — the place of organization for Empery Asset Management, LP.
Forward-Looking Statements
- Empery Asset Management, LP will likely maintain its current stake in Permex Petroleum Corp. through warrants for the near future. (Empery Asset Management, LP) — medium confidence, target: Q2 2024
FAQ
What is the primary type of security Empery Asset Management, LP holds in Permex Petroleum Corp.?
Empery Asset Management, LP primarily holds 'Common Shares issuable upon exercise of Warrants' in Permex Petroleum Corp., as stated in Item 4 of the filing.
What is the total number of shares Empery Asset Management, LP has shared voting power over?
Empery Asset Management, LP has shared voting power over '52,083 Common Shares issuable upon exercise of Warrants', according to Item 6 of the filing.
What is the CUSIP number for Permex Petroleum Corp.'s common shares?
The CUSIP number for Permex Petroleum Corp.'s common shares is 71422P303, as indicated on the cover page of the filing.
When was the event date that triggered this SC 13G/A filing?
The date of the event which required the filing of this statement was December 31, 2023, as specified on the cover page.
What type of rule was this Schedule 13G filed under?
This Schedule 13G was filed under Rule 13d-1(d), as indicated by the 'x' next to 'Rule 13d-1(d)' on the cover page.
Filing Stats: 2,122 words · 8 min read · ~7 pages · Grade level 11.3 · Accepted 2024-01-08 10:22:39
Filing Documents
- p24-0026sc13ga.htm (SC 13G/A) — 74KB
- 0000902664-24-000070.txt ( ) — 76KB
)*
Item 4)* 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.99% (See Item 4)* 12 TYPE OF REPORTING PERSON PN * As more fully described in Item 4, the Warrants are subject to a 4.99% blocker, and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of Common Shares that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of Common Shares beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9). CUSIP No. 71422P303 13G Page 3 of 9 Pages 1 NAMES OF REPORTING PERSONS Ryan M. Lane 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.99% (See Item 4)* 12 TYPE OF REPORTING PERSON IN * As more fully described in Item 4, the Warrants are subject to a 4.99% blocker, and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of Common Shares that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of Common Shares beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9). CUSIP No. 71422P303 13G Page 4 of 9 Pages 1 NAMES OF REPORTING PERSONS Martin D. Hoe 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) ¨ 3 SEC USE ONLY 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER 0 6 SHARED VOTING POWER 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 7 SOLE DISPOSITIVE POWER 0 8 SHARED DISPOSITIVE POWER 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 52,083 Common Shares issuable upon exercise of Warrants (See
)*
Item 4)* 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ¨ 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 4.99% (See Item 4)* 12 TYPE OF REPORTING PERSON IN * As more fully described in Item 4, the Warrants are subject to a 4.99% blocker, and the percentage set forth in row (11) gives effect to such blockers. However, as more fully described in Item 4, the securities reported in rows (6), (8) and (9) show the number of Common Shares that would be issuable upon full exercise of such reported securities and do not give effect to such blockers. Therefore, the actual number of Common Shares beneficially owned by such Reporting Person, after giving effect to such blockers, is less than the number of securities reported in rows (6), (8) and (9). CUSIP No. 71422P303 13G Page 5 of 9 Pages
(a)
Item 1(a). NAME OF ISSUER: The name of the issuer is Permex Petroleum Corp. (the " Company ").
(b)
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Company's principal executive offices are located at 2911 Turtle Creek Blvd., Suite 925, Dallas, TX 75219.
(a)
Item 2(a). NAME OF PERSON FILING: This statement is filed by the entities and persons listed below, who are collectively referred to herein as " Reporting Persons ," with respect to the Common Shares (as defined in Item 2(d) below) of the Company: Investment Manager (i)Empery Asset Management, LP (the " Investment Manager "), with respect to the Common Shares held by, and underlying the Reported Warrants (as defined below) held by, funds to which the Investment Manager serves as investment manager (the " Empery Funds "). Reporting Individuals (ii)Mr. Ryan M. Lane (" Mr. Lane "), with respect to the Common Shares held by, and underlying the Reported Warrants held by, the Empery Funds. (iii)Mr. Martin D. Hoe (" Mr. Hoe "), with respect to the Common Shares held by, and underlying the Reported Warrants held by, the Empery Funds. The Investment Manager serves as the investment manager to each of the Empery Funds. Each of Mr. Lane and Mr. Hoe (the " Reporting Individuals ") is a Managing Member of Empery AM GP, LLC (the " General Partner "), the general partner of the Investment Manager.
(b)
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the business office of each of the Reporting Persons is: 1 Rockefeller Plaza, Suite 1205 New York, New York 10020 CUSIP No. 71422P303 13G Page 6 of 9 Pages
(c)
Item 2(c). CITIZENSHIP: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)
Item 2(d). TITLE OF CLASS OF SECURITIES: Common Shares, no par value (the " Common Shares ")
(e)
Item 2(e). CUSIP NUMBER: 71422P303 Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) ¨ Broker or dealer registered under Section 15 of the Act, (b) ¨ Bank as defined in Section 3(a)(6) of the Act, (c) ¨ Insurance Company as defined in Section 3(a)(19) of the Act, (d) ¨ Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) ¨ Investment Adviser registered under Section 203 of the Investment Advisers Act of 1940, (f) ¨ Employee Benefit Plan or Endowment Fund in accordance with Rule 13d1(b)(1)(ii)(F), (g) ¨ Parent Holding Company or control person in accordance with Rule 13d1(b)(1)(ii)(G), (h) ¨ Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) ¨ Church Plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940, (j) ¨ A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) ¨ Group, in accordance with Rule 13d-1(b)(1)(ii)(K). CUSIP No. 71422P303 13G Page 7 of 9 Pages If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The information as of the date of the event which requires filing of this statement required by Items 4(a) – (c) is set forth in Rows 5 – 11 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based on 551,503 Common Shares issued and outstanding as of October 20, 2023, as represented in the Company's Registration Statement filed on Amendment No. 8 to Form S-1/A with the Securities and Exchange Commission on October 26, 2023 and assumes the exercise of the Company's reported warrants (the "
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. DATED: January 8, 2024 EMPERY ASSET MANAGEMENT, LP By: EMPERY AM GP, LLC, its General Partner By: /s/ Ryan M. Lane Name: Ryan M. Lane Title: Managing Member /s/ Ryan M. Lane Ryan M. Lane /s/ Martin D. Hoe Martin D. Hoe