Mammoth Energy Services Enters Material Definitive Agreement

TL;DR

MMS enters new material agreement, expect financial obligations.

AI Summary

Mammoth Energy Services, Inc. announced on October 16, 2024, that it entered into a material definitive agreement. This agreement involves a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant. Further details regarding the specific nature of this agreement and its financial implications are expected to be disclosed.

Why It Matters

This filing indicates a significant new financial commitment or arrangement for Mammoth Energy Services, which could impact its financial obligations and future operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement can introduce new financial obligations or risks that are not yet fully detailed, warranting a medium risk assessment.

Key Players & Entities

• Mammoth Energy Services, Inc. (company) — Registrant
• October 16, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $170.0 million — strative expense claim against PREPA of $170.0 million (plus the $18.4 million in funds receiv
• $18.4 million — ainst PREPA of $170.0 million (plus the $18.4 million in funds received by PREPA from the Fed
• $150.0 million — payable through three installments: (i) $150.0 million on the later of (A) ten business days f
• $20.0 million — III Court and (B) August 31, 2024; (ii) $20.0 million within seven days following the effecti
• $19.3 million — 18.4 million and transferred a total of $19.3 million to a restricted cash account maintained
• $1 — a Acquisitions LLC Announces Receipt of $1 8.4 million from PREPA ." 104 Cover P

Filing Documents

• tusk-20241016.htm (8-K) — 36KB
• ex991tuskreceiptofnextinst.htm (EX-99.1) — 13KB
• image_1.jpg (GRAPHIC) — 12KB
• 0001679268-24-000071.txt ( ) — 199KB
• tusk-20241016.xsd (EX-101.SCH) — 2KB
• tusk-20241016_lab.xml (EX-101.LAB) — 22KB
• tusk-20241016_pre.xml (EX-101.PRE) — 13KB
• tusk-20241016_htm.xml (XML) — 3KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement. Introductory Note As previously disclosed in the filings with the Securities and Exchange Commission (the "SEC") made by Mammoth Energy Services, Inc. ("Mammoth" or the "Company"), on July 22, 2024, Cobra Acquisitions LLC ("Cobra"), a wholly-owned subsidiary of Mammoth, entered into a release and settlement agreement with the Puerto Rico Electric Power Authority ("PREPA") and the Financial Oversight and Management Board for Puerto Rico, in its capacity as PREPA's representative to the United States District Court for the District of Puerto Rico (the "Title III Court"), to settle all outstanding matters between Cobra and PREPA (the "Settlement Agreement"). Under the terms of the Settlement Agreement, Cobra was allowed an administrative expense claim against PREPA of $170.0 million (plus the $18.4 million in funds received by PREPA from the Federal Emergency Management Agency ("FEMA") and considered payable to Cobra but for purported garnishments in this amount asserted by three Puerto Rican municipalities (the "Specified Municipalities") for certain municipal tax claims (the "Specified Municipal Tax Claims") discussed in Mammoth's filings with the SEC (the "Withheld FEMA Funds")). Cobra's allowed claim is payable through three installments: (i) $150.0 million on the later of (A) ten business days following approval of the Settlement Agreement by the Title III Court and (B) August 31, 2024; (ii) $20.0 million within seven days following the effective date of PREPA's plan of adjustment; and (iii) $18.4 million in the Withheld FEMA Funds within either (A) ten business days after the deadline for appealing the entry of the settlement order by the Title III Court under the applicable bankruptcy rules of procedure if no such appeal is filed, or (B) if the provisions of the settlement order allowing PREPA to release the Withheld FEMA Funds to Cobra without retaining any liability to the Specified Municipalities are a

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On October 21, 2024, the Company issued a press release announcing the receipt of the $18.4 million under the Settlement Agreement, which press release is attached hereto as Exhibit 99.1. The information in this Item 7.01 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any registration statement filed under the Securities Act of 1933, as amended, unless specifically identified as being incorporated by reference in the registration statement.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. 99.1 * Press Release, dated October 2 1 , 2024, entitled "Cobra Acquisitions LLC Announces Receipt of $1 8.4 million from PREPA ." 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. * Furnished herewith. 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 thereunto duly authorized. MAMMOTH ENERGY SERVICES, INC. Date: October 21, 2024 By: /s/ Mark Layton Mark Layton Chief Financial Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR