PBT Land and Minerals Announces Record Date and Subscription Price for Rights Offering

The proposed subscription price is below the specified five-day average price of Permian Basin Royalty Trust units.

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ABILENE, Texas--(BUSINESS WIRE)-- PBT Land and Minerals, Inc. (the “Company”) today announced the establishment of October 13, 2026 as the record date for its proposed rights offering and $28.08 per share as the subscription price. The subscription price is equal to 87.5% of the volume-weighted average price of the Permian Basin Royalty Trust (NYSE: PBT) units for the five consecutive trading days ending October 2, 2026.

The commencement of the rights offering is subject to regulatory clearance and will be announced separately.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the prospectus included in the registration statement may be obtained, when available, from D.F. King & Co., Inc., at (877) 478-5039 (toll-free) or PBT@dfking.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements, such as those pertaining to the Company’s plans, goals, objectives, outlook, expectations and intentions with respect to the proposed rights offering. All statements other than statements of current or historical fact contained in this press release are forward-looking statements. The words “believe,” “expect,” “anticipate,” “should,” “plan,” “will,” “may,” “could,” “intend,” “estimate,” ”predict,” ”potential,” ”continue” or the negative of these terms and similar expressions are intended to identify forward-looking statements. Should one or more of the risks or uncertainties described in the above-referenced registration statement on Form S-1 occur, or should underlying assumptions prove incorrect, actual outcomes could differ materially from those expressed in any forward-looking statements. These forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261004533819/en/

Krystal Scrudato
krystal.scrudato@dfking.com

Source: PBT Land and Minerals, Inc.

Key Terms

rights offering financial

A rights offering is a way for a company to raise additional money by giving existing shareholders the opportunity to buy more shares at a discounted price before they are offered to the public. It’s similar to a special sale where current owners get the first chance to buy extra items at a lower cost, allowing them to increase their investment if they choose. This process matters to investors because it can affect the value of their holdings and their ability to buy new shares at favorable terms.

View in glossary

volume-weighted average price financial

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

form s-1 regulatory

A Form S-1 is the registration filing a company submits to the U.S. Securities and Exchange Commission when it plans to offer stock to the public, most commonly for an initial public offering. Think of it as the company’s full disclosure packet or blueprint: it contains audited financials, business description, management background, risk factors and details of the offering, giving investors the information needed to judge the company’s financial health and potential risks before buying shares.

registration statement regulatory

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.