Hallador Energy Company Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Hallador Energy (Nasdaq: HNRG)/b) announced a proposed underwritten public offering of of common stock, with an underwriter option to purchase up to an additional 15% of the shares for 30 days. All shares will be sold by Hallador and the offering is subject to market conditions and may not be completed as described. Net proceeds are intended for general corporate purposes, including possible initial payments for reserve equipment to support a planned additional natural gas generating facility. Texas Capital Securities is sole bookrunner and Northland Capital Markets is co-manager. The offering uses an automatically effective Form S-3; a prospectus supplement will be filed with the SEC.

Positive

• Proceeds target of $50 million to fund corporate needs
• Underwriters granted a 30-day 15% option to stabilize offering

Negative

• Equity offering may cause shareholder dilution
• Offering is subject to market conditions with no assurance of completion

News Market Reaction – HNRG

+1.63%

5 alerts

+1.63% News Effect

-4.7% Trough in 16 hr 18 min

+$14M Valuation Impact

$904M Market Cap

0.5x Rel. Volume

On the day this news was published, HNRG gained 1.63%, reflecting a mild positive market reaction. Argus tracked a trough of -4.7% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $14M to the company's valuation, bringing the market cap to $904M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Proposed equity offering: $50 million Underwriter option: 15% ATM capacity: $100,000,000 +5 more

8 metrics

Proposed equity offering $50 million Intended underwritten public common stock offering

Underwriter option 15% 30-day option for additional common shares

ATM capacity $100,000,000 Maximum common stock sales under updated ATM program (424B5)

ATM prior sales $50,000,000 Aggregate gross proceeds already raised under prior ATM prospectus

Additional ATM capacity $50,000,000 Incremental stock sales enabled by 424B5 supplement

Current share price $20.62 Pre-offering price in market context

52-week range $8.37–$24.70 Low and high from market context

Market capitalization $889,209,372 Equity value prior to proposed offering

Market Reality Check

Price: $18.40 Vol: Volume 286,138 vs 20-day ...

low vol

$18.40 Last Close

Volume Volume 286,138 vs 20-day average 550,705 (relative volume 0.52x) indicates subdued trading ahead of the offering. low

Technical Shares at $20.62, trading above 200-day MA at $17.63 and 16.52% below the $24.70 52-week high.

Peers on Argus

Pre-news, HNRG was up 3.68% while peers were mixed: NRP up 2.41%, ARLP up 0.29%,...

Pre-news, HNRG was up 3.68% while peers were mixed: NRP up 2.41%, ARLP up 0.29%, NC, BTU, and CNR down between about 1–2%, suggesting stock-specific dynamics around the offering.

Historical Context

5 past events · Latest: Jan 06 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 06	Board change	Neutral	-1.5%	Added former Southwest Power Pool CEO to keep board at six members.
Dec 16	Project financing	Positive	-3.7%	Filed ERAS application and deposits to add up to 515 MW gas generation.
Nov 10	Q3 2025 earnings	Positive	+1.7%	Reported 40% YoY revenue growth and strong coal and electric sales.
Oct 27	Earnings call setup	Neutral	+0.2%	Scheduled Q3 2025 results call and outlined participation details.
Aug 11	Q2 2025 earnings	Positive	-6.9%	Delivered higher revenue and net income with strong liquidity and contracts.

Pattern Detected

Strong operational and financing updates have often seen mixed or negative next-day reactions, especially around capital raises and some earnings reports.

Recent Company History

Over the last six months, Hallador reported strong Q2 and Q3 2025 results, with revenue rising to $146.8M in Q3 and forward contracted revenue reaching $921.7M through 2029. It advanced its transition toward natural gas generation via an ERAS application and deposits of about $13M. The company also updated its ATM program to allow up to $100M in stock sales. Governance changes included appointing Barbara Sugg to keep the board at six members. Today’s proposed equity offering fits the ongoing funding of its gas-generation expansion strategy.

Market Pulse Summary

This announcement details Hallador’s plan to raise $50 million via an underwritten common stock offe...

Analysis

This announcement details Hallador’s plan to raise $50 million via an underwritten common stock offering, with an added 15% underwriter option, to support general corporate purposes and its planned natural gas generating facility. Context from late 2025 shows strong revenue growth, sizeable forward contracted sales, and an expanded ATM program. Investors may focus on how efficiently new capital is deployed into gas-generation expansion and how additional equity issuance interacts with existing financing structures.

Key Terms

underwritten public offering, automatic shelf registration statement, form s-3, prospectus supplement, +1 more

5 terms

underwritten public offering financial

"it intends to offer and sell $50 million of shares of its common stock in an underwritten public offering."

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

automatic shelf registration statement regulatory

"pursuant to an automatic shelf registration statement on Form S-3 that became automatically effective"

An automatic shelf registration statement is a pre-approved filing that companies submit to securities regulators, allowing them to sell new shares or bonds quickly and efficiently when needed. It acts like a standing permit, enabling the company to raise money without going through a lengthy approval process each time, which can be helpful for responding promptly to market opportunities or needs. For investors, it provides transparency about the company's ability to raise funds and signals planning flexibility.

form s-3 regulatory

"automatic shelf registration statement on Form S-3 that became automatically effective"

Form S-3 is a legal document companies use to register their stock sales with the government, making it easier and faster for them to raise money by selling shares to investors. It’s like having a pre-approved shopping list that lets a company quickly sell new shares when they need funds, without going through a lengthy approval process each time.

prospectus supplement regulatory

"only by means of a prospectus supplement and accompanying prospectus relating to the offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

registration statement regulatory

"form a part of the registration statement. A preliminary prospectus supplement relating"

A registration statement is a formal document that companies file with a government agency to offer new shares of stock to the public. It provides essential information about the company's finances, operations, and risks, helping investors make informed decisions. Think of it as a detailed product description that ensures transparency and trust before buying into a company.

AI-generated analysis. Not financial advice.

01/13/2026 - 04:27 PM

TERRE HAUTE, Ind., Jan. 13, 2026 (GLOBE NEWSWIRE) -- Hallador Energy Company (Nasdaq: HNRG), today announced that it intends to offer and sell $50 million of shares of its common stock in an underwritten public offering. All of the shares to be sold in the offering will be offered by Hallador. In addition, Hallador intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of its common stock offered in the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Hallador intends to use the net proceeds from the offering for general corporate purposes, which may include funding certain initial financial commitments to reserve equipment necessary to support Hallador’s planned additional natural gas generating facility.

Texas Capital Securities is acting as sole bookrunner for the offering. Northland Capital Markets is acting as co-manager for the offering.

The securities described above are being offered by Hallador pursuant to an automatic shelf registration statement on Form S-3 that became automatically effective upon its filing with the Securities and Exchange Commission (the “SEC”) on January 13, 2026.

The securities will be offered only by means of a prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement. A preliminary prospectus supplement relating to this offering has been filed with the SEC and a final prospectus supplement relating to the offering will be filed with the SEC. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the offering, as well as copies of the final prospectus supplement, when available, may be obtained from TCBI Securities, Inc., d/b/a Texas Capital Securities, Attention: Prospectus Department, 2000 McKinney Avenue, Suite 700, Dallas, TX 75201 or by email at ecm@texascapital.com. Electronic copies of the final prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer or sale will be made only by means of Hallador’s prospectus supplement and prospectus forming part of the effective registration statement relating to these securities.

About Hallador

Hallador Energy Company (Nasdaq: HNRG) is a vertically-integrated Independent Power Producer (IPP) based in Terre Haute, Indiana. Hallador has two core businesses: Hallador Power Company, LLC, which produces electricity and capacity at its one Gigawatt (GW) Merom Generating Station, and Sunrise Coal, LLC, which produces and supplies fuel to the Merom Generating Station and other companies.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “guidance,” “target,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. Forward-looking statements include, without limitation, those relating to the public offering and intended use of proceeds, and Hallador’s planned additional natural gas generating facility. Forward-looking statements are based on current expectations and assumptions and analyses made by Hallador and its management in light of experience and perception of historical trends, current market conditions and expected future developments, as well as other factors appropriate under the circumstances that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, those set forth in Hallador’s annual report on Form 10-K for the year ended December 31, 2024, subsequent quarterly reports on Form 10-Q and other SEC filings. Hallador undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
HNRG@elevate-ir.com

FAQ

What is Hallador Energy (HNRG) offering in the January 13, 2026 announcement?

Hallador intends to offer $50 million of common stock, with a 30-day option for up to an additional 15% of the shares.

How will Hallador (HNRG) use the proceeds from the proposed $50 million offering?

Net proceeds are intended for general corporate purposes, which may include initial payments for reserve equipment for a planned natural gas generating facility.

Who are the underwriters for Hallador Energy's (HNRG) offering?

Texas Capital Securities is sole bookrunner and Northland Capital Markets is acting as co-manager.

Does the Hallador (HNRG) offering guarantee closing or final terms?

No; the offering is subject to market conditions and there is no assurance as to whether or when it will be completed or its final size or terms.

Where can investors find the Hallador (HNRG) prospectus supplement for the offering?

A preliminary prospectus supplement has been filed with the SEC and the final prospectus supplement will be available on the SEC website and from Texas Capital Securities.

Will Hallador Energy's (HNRG) offering dilute existing shareholders?

Yes; issuance of new common stock in the offering would reduce existing ownership percentages, subject to the final size of the offering.