Orion Group Holdings Terminates Material Agreement
Ticker: ORN · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1402829
| Field | Detail |
|---|---|
| Company | Orion Group Holdings Inc (ORN) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $34 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement-termination, contract-change
Related Tickers: ORGN
TL;DR
ORGN terminated a big deal, watch for fallout.
AI Summary
Orion Group Holdings, Inc. announced on June 14, 2024, the termination of a material definitive agreement. The filing does not specify the counterparty or the nature of the agreement, but it signifies a change in a significant contractual relationship for the company.
Why It Matters
The termination of a material definitive agreement can impact a company's operations, financial performance, and strategic direction, requiring investors to assess the consequences.
Risk Assessment
Risk Level: medium — Termination of a material agreement can signal underlying business issues or strategic shifts that may affect future performance.
Key Players & Entities
- Orion Group Holdings, Inc. (company) — Registrant
- June 14, 2024 (date) — Date of earliest event reported
- 12000 Aerospace Suite 300 Houston, Texas 77034 (address) — Principal executive offices
- 713-852-6500 (phone_number) — Registrant's telephone number
FAQ
What was the material definitive agreement that was terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
Who was the counterparty to the terminated agreement?
The filing does not disclose the identity of the other party involved in the terminated agreement.
What is the effective date of the termination?
The earliest event reported is June 14, 2024, which is the date of the report and likely the effective date or announcement date of the termination.
Does this termination have any immediate financial implications disclosed in the filing?
The filing does not provide specific details on immediate financial implications resulting from the termination.
Is there any indication of why the agreement was terminated?
The filing states that a material definitive agreement was terminated but does not provide a reason for the termination.
Filing Stats: 515 words · 2 min read · ~2 pages · Grade level 11.9 · Accepted 2024-06-21 16:05:15
Key Financial Figures
- $0.01 — ge on Which Registered Common stock, $0.01 par value per share ORN The New Yor
- $34 million — , for a purchase price of approximately $34 million. The land sale was anticipated to close
Filing Documents
- orn-20240614x8k.htm (8-K) — 33KB
- 0001558370-24-009400.txt ( ) — 151KB
- orn-20240614.xsd (EX-101.SCH) — 3KB
- orn-20240614_lab.xml (EX-101.LAB) — 16KB
- orn-20240614_pre.xml (EX-101.PRE) — 11KB
- orn-20240614x8k_htm.xml (XML) — 5KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. Orion Group Holdings, Inc. (the "Company") previously filed a Current Report on Form 8-K on February 20, 2024, announcing one of the Company's subsidiaries entered into a contract (the "Land Sale Contract") with Brixx Technologies LLC ("Brixx") for the sale to Brixx of two parcels of land in Harris County, Texas (approximately 341.3 acres) (the "Property"), for a purchase price of approximately $34 million. The land sale was anticipated to close on or before June 14, 2024. On June 14, 2024, Brixx notified the Company that it was terminating the Land Sale Contract pursuant to the terms thereof. Following the termination of the Land Sale Contract, the Company promptly entered into a new term sheet with a prospective new purchaser of the Property with a proposed closing date set for the third quarter of 2024, subject to customary closing conditions. However, there is no assurance that the sale of the Property will be consummated within that timeframe or at all. EXHIBIT INDEX Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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. Dated: June 21, 2024 Orion Group Holdings, Inc. By: /s/ Travis J. Boone President and Chief Executive Officer