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Hallador Energy Company entered into a new $120 million senior secured Credit Agreement on March 5, 2026, providing a $75 million revolving credit facility and a $45 million delayed draw term loan facility maturing on March 5, 2029. The revolver includes a $25 million letter-of-credit subfacility and a $10 million swingline subfacility, plus an accordion feature for up to $25 million of additional commitments.
Borrowings accrue interest at either a Base Rate or Term SOFR plus margins that vary with Hallador’s total leverage ratio, and the company pays a 0.50% fee on unused revolver commitments. The facilities include leverage, liquidity and coverage covenants and are secured by substantially all assets of Hallador and certain subsidiaries. Hallador is using the new facilities to refinance its prior PNC Bank credit agreement and to support working capital, general corporate purposes and potential strategic growth initiatives, while extending its debt maturity profile and enhancing liquidity.
Hallador Energy Company reported leadership changes focused on its power and coal operations. The company appointed industry veteran Daniel Hudson to its Board of Directors effective March 6, 2026, expanding the Board to seven members, six of whom are independent under Nasdaq standards.
Effective the same date, Heath Lovell was promoted to Chief Operating Officer while continuing as President of Hallador Power Company, LLC and Sunrise Coal, LLC. The company plans to finalize his compensation arrangements later. Barbara Ann Sugg was also added to the Audit and Compensation Committees. These changes were summarized in a press release attached as Exhibit 99.1.
Hallador Alternative Assets Fund LLC and related parties filed Amendment No. 13 reporting their beneficial ownership in Hallador Energy Company’s common stock. HAAF holds 1,584,929 shares, representing 3.62% of the outstanding shares, based on 43,825,006 shares disclosed in a recent quarterly report.
Through their advisory and management roles over HAAF, Hallador Investment Advisors, Hallador Management, David C. Hardie and Kevin Leary may each be deemed to beneficially own these 1,584,929 shares, with Hardie and Leary also holding small additional direct stakes. Hardie resigned from Hallador Energy’s board of directors effective January 1, 2026.
BlackRock, Inc. has disclosed a significant ownership stake in Hallador Energy Co common stock. As of 12/31/2025, BlackRock reports beneficial ownership of 2,270,441 shares, representing 5.2% of Hallador’s outstanding common stock. It has sole power to vote 2,229,176 shares and sole power to dispose of 2,270,441 shares, with no shared voting or dispositive power.
The filing explains that these holdings are attributed to certain BlackRock business units, and that various underlying clients or investors have the right to receive dividends or sale proceeds, with no single such person exceeding 5% of Hallador’s common shares. BlackRock certifies that the position was acquired and is held in the ordinary course of business, and not for the purpose of changing or influencing control of Hallador Energy.
Hallador Energy (HNRG) director reports no share ownership. Barbara Ann Sugg, identified as a director of Hallador Energy Company, filed an initial Form 3 stating that she beneficially owns no non-derivative or derivative securities of the company. The statement relates to an event dated 01/01/2026 and confirms that, as of that date, she did not hold Hallador Energy stock or related derivative instruments in either direct or indirect form.
Hallador Energy director Zarrell Gray reported buying additional company stock. On January 14, 2026, Gray purchased 13,888 shares of Hallador Energy common stock at $18 per share in connection with a firm commitment underwritten offering. After this transaction, Gray directly owned 76,480 common shares of the company. The filing was made on a Form 4, which discloses changes in insider ownership.
Hallador Energy director Wesley Charles Ray IV reported an insider purchase of the company’s common stock. On January 14, 2026, an entity associated with him, the Charles R. Wesley IV Revocable Trust, purchased 55,555 shares of Hallador Energy common stock at $18 per share in connection with a firm commitment underwritten offering.
After this transaction, the trust held 323,469 common shares indirectly, while Wesley Charles Ray IV also held 93,862 common shares directly in his own name.
Hallador Energy Company reported that it has terminated its at-the-market equity program with B. Riley Securities, which had allowed sales of up to $100,000,000 of common stock. The termination is effective January 18, 2026 and does not trigger any penalties, meaning the company will no longer sell shares through that facility.
The company also entered into an underwriting agreement with Texas Capital Securities for an underwritten public offering of 2,777,778 shares of common stock, with a 30-day option for underwriters to buy up to 416,666 additional shares. The underwriters exercised this option in full, and the offering closed on January 15, 2026. Hallador Energy received net proceeds of approximately $53.6 million from the stock sale, after underwriting discounts, commissions and other offering expenses.
Hallador Energy Company is offering 2,777,778 shares of common stock at $18.00 per share, with expected net proceeds of about $46.6 million, or $53.6 million if underwriters fully exercise a 416,666-share option. The shares are listed on Nasdaq under “HNRG.” The company plans to use the cash for general corporate purposes, which may include initial financial commitments to reserve equipment for a planned additional natural gas generating facility next to its Merom power plant. After the offering, Hallador expects to have 46,498,457 shares outstanding, or 46,915,123 shares if the underwriter option is fully exercised.
Hallador Energy Company plans to raise $50,000,000 through a primary offering of common stock listed on the Nasdaq Capital Market under the symbol HNRG, with underwriters holding a 30-day option to purchase up to an additional $7,500,000 of shares. The company expects to use the net proceeds for general corporate purposes, including initial financial commitments to reserve equipment for a planned additional natural gas generating facility.
Hallador recently had its application accepted into MISO’s Expedited Resource Addition Study program for a potential 515 MW natural gas project adjacent to its Merom Generating Station, which it targets to bring online in late 2028, subject to a 6- to 9‑month review and significant construction, regulatory and financing risks. The company has also received commitments for new senior credit facilities consisting of a $75.0 million revolving credit facility and a $45.0 million delayed draw term facility, intended to refinance an existing credit agreement and provide working capital, though closing remains subject to customary conditions and may not occur.