Prairie Operating (PROP) shifts warrant date and adds $3M investor payment
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Prairie Operating Co. discloses changes to a previously agreed financing involving its Series F Preferred Stock and related warrants. The company had sold 148,250 shares of Series F Preferred Stock, each with a stated value of $1,000, and agreed to issue anniversary warrants tied to the trading price of its common stock.
The new amendment shifts the anniversary warrant issuance date from April 7, 2026 to April 9, 2026 and updates related warrant footnotes. It also adds a commitment for Prairie Operating to pay the investors an aggregate $3 million on April 9, 2026, unless the buyers waive this payment in their sole discretion.
Positive
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Negative
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8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Series F Preferred shares sold: 148,250 shares
Stated value per preferred share: $1,000 per share
Investor payment obligation: $3 million
+3 more
6 metrics
Series F Preferred shares sold
148,250 shares
Sold to buyers under Securities Purchase Agreement
Stated value per preferred share
$1,000 per share
Series F Preferred Stock stated value
Investor payment obligation
$3 million
Aggregate amount due April 9, 2026 unless waived
Anniversary Warrant Issuance Date (original)
April 7, 2026
Original date in Purchase Agreement
Anniversary Warrant Issuance Date (amended)
April 9, 2026
New date set by amendment
Warrant calculation multiplier
125% of stated value
Factor used to size anniversary warrants
Key Terms
Securities Purchase Agreement, Series F Preferred Stock, Anniversary Warrant, Stated Value, +1 more
5 terms
Securities Purchase Agreement financial
"the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”)"
A securities purchase agreement is a written contract between a buyer and a seller outlining the terms for buying or selling financial assets such as stocks or bonds. It specifies details like the price, quantity, and conditions of the transaction, similar to a shopping list with agreed-upon terms. For investors, it provides clarity and legal protection when transferring ownership of these financial instruments.
Series F Preferred Stock financial
"sold to the Buyers 148,250 shares (the “Preferred Shares”) of the Company’s Series F Preferred Stock"
Series F preferred stock is a class of company shares that gives holders priority over common shareholders for dividend payments and for getting money back if the company is sold or liquidated, much like a ticket that moves you to the front of the line. These shares often carry a fixed dividend and special rights—sometimes including conversion into common stock—so investors consider them when weighing income, downside protection and potential ownership dilution.
Anniversary Warrant financial
"Form of Anniversary Warrant attached as Exhibit B to the Purchase Agreement"
Stated Value financial
"with a stated value of $1,000 per share, subject to adjustment (the “Stated Value”)"
Stated value is an accounting figure a company assigns to a share when the share has no par (legal) value; it becomes the portion of proceeds recorded as the company’s permanent capital for regulatory and bookkeeping purposes. It matters to investors because it affects the equity reported on the balance sheet and the legal limits on distributions or dividend payments, but it is not the market price — think of it as a record-keeping sticker price rather than what buyers actually pay.
FAQ
What change did Prairie Operating Co. (PROP) make to its anniversary warrant issuance date?
Prairie Operating Co. moved the anniversary warrant issuance date from April 7, 2026 to April 9, 2026. The amendment also updated related footnotes in the warrant form to reference the new April 9, 2026 date consistently across the documentation.
What payment obligation does Prairie Operating Co. (PROP) now have under the amendment?
Under the amendment, Prairie Operating Co. must pay the investors an aggregate $3 million on April 9, 2026. This obligation applies unless the buyers choose, in their sole discretion, to waive the requirement for the company to make that $3 million payment.
How are the anniversary warrants for Prairie Operating Co. (PROP) calculated?
The anniversary warrants equal 125% of the stated value of all Series F Preferred Stock held by each buyer, divided by the average of the ten daily volume-weighted average prices of the common stock over the ten trading days before the original issuance date.
What is the stated value of Prairie Operating Co. (PROP) Series F Preferred Stock?
Each share of Prairie Operating Co.’s Series F Preferred Stock has a stated value of $1,000. This stated value is used to determine the size of the anniversary warrant grants as well as to quantify each investor’s preferred stock investment under the purchase agreement.