[8-K] Spire Inc. Reports Material Event

Rhea-AI Filing Summary

On 28 Jul 2025, holders of 25.1% of FiscalNote’s Class A shares and 100% of Class B shares (66.9% of total voting power) delivered written consent authorising the Board to file, any time before 10 Oct 2025, a charter amendment enabling a reverse stock split of 1-for-2 up to 1-for-15 for each class of common stock.

The chief objective is to regain compliance with NYSE continued-listing Rule 802.01C after the exchange warned on 10 Apr 2025 that NOTE’s Class A stock had closed below $1 for 30 consecutive trading days. A split would proportionally lift the share price, potentially improving marketability to institutions and margin eligibility. Outstanding shares would shrink from 170.2 M to between 85.1 M and 11.3 M; authorised shares stay intact, expanding the pool available for future issuance and possibly strengthening anti-takeover defences.

Shareholders’ percentage ownership and voting rights remain unchanged; fractional shares will be settled in cash. The Board retains full discretion to set the ratio or abandon the split, and no additional vote is required. The action cannot take effect until at least 20 calendar days after this PRE 14C is mailed.

Insights

Financial Analyst

TL;DR Board gets authority for a 1-2 to 1-15 reverse split to protect NYSE listing; dilution room rises; market impact neutral-negative.

The filing shows control shareholders granting the Board flexibility to consolidate shares and elevate NOTE’s price above the critical $1 threshold, a prerequisite to keep the NYSE listing that underpins liquidity and capital-raising capacity. While the manoeuvre may avert delisting, it signals underlying price weakness and does not enhance fundamentals. Because authorised shares are unchanged, the company gains an enlarged reserve for future financings, option grants or acquisitions, which could prove dilutive. Historically, reverse splits can depress demand and liquidity post-implementation. Overall, the proposal is defensive—necessary but not value-accretive—and its ultimate market effect hinges on subsequent operating performance.

Corporate Governance Specialist

TL;DR Written consent by 66.9% voting power fast-tracks reverse split, limiting minority influence; anti-takeover capacity rises.

The Class B super-voting structure allowed insiders to approve the amendment without a meeting, illustrating concentrated control. Because the split does not reduce authorised shares, the Board could later issue equity that dilutes hostile actors, enhancing takeover defences. Fractional cash-out avoids creating additional shareholders of record, so SEC reporting tiers stay unchanged. Governance risk for minority shareholders stems from reduced leverage over future capital actions, yet the charter amendment itself follows Delaware and NYSE rules. Impact is largely neutral unless subsequent share issuances alter ownership dynamics.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 27, 2025

Commission File Number		Name of Registrant, Address of Principal Executive Offices and Telephone Number		State of Incorporation		IRS Employer Identification No.
1-16681		Spire Inc.		Missouri		74-2976504
		700 Market Street
		St. Louis, MO 63101
		314-342-0500

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Exchange Act (only applicable to Spire Inc.):

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock $1.00 par value		SR		New York Stock Exchange LLC
Depositary Shares, each representing a 1/1,000th interest in a share of 5.90% Series A Cumulative Redeemable Perpetual Preferred Stock, par value $25.00 per share		SR.PRA		New York Stock Exchange LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On July 27, 2025, Spire Inc. (“Spire”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) by and between Piedmont Natural Gas Company, Inc., a North Carolina corporation (“Piedmont”) and wholly owned subsidiary of Duke Energy Corporation (“Duke Energy”) and Spire, pursuant to which Spire has agreed to acquire Piedmont’s Tennessee natural gas local distribution company business (the “Business” and such transaction, the “Transaction”).

The purchase price for the Business is $2.48 billion and subject to adjustment as set forth in the Purchase Agreement, including adjustments based on net working capital, regulatory assets and liabilities and capital expenditures at closing.

The completion of the Transaction is subject to customary closing conditions, including (i) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (ii) approval of the Tennessee Public Utility Commission, (iii) no Material Adverse Effect (as defined in the Purchase Agreement) having occurred since the date of the Purchase Agreement, and (iv) customary conditions regarding the accuracy of the representations and warranties and compliance by the parties with their respective obligations under the Purchase Agreement. The Transaction is not subject to a financing condition and is expected to close in the first quarter of 2026, subject to satisfaction of the foregoing conditions. Spire has obtained debt financing commitments in connection with the financing of the Transaction and Spire expects the permanent financing to consist of a combination of long-term debt and/or equity.

The Purchase Agreement contains customary representations, warranties and covenants related to the Business and the Transaction. Between the date of the Purchase Agreement and the completion of the Transaction, Piedmont has agreed to cause the Business to operate in the ordinary course of business and has agreed to certain other operating covenants with respect to the Business as set forth in the Purchase Agreement. The Purchase Agreement includes customary termination provisions, including if the closing of the Transaction has not occurred by April 27, 2026 (or within three months thereafter if the only remaining closing conditions relate to regulatory approval), and provides for a termination fee payable by Spire in certain circumstances as set forth in the Purchase Agreement.

The foregoing summary of the Purchase Agreement and the transactions contemplated thereby is subject to, and is qualified in its entirety by, the full terms of the Purchase Agreement, which will be filed with Spire’s Annual Report on Form 10-K for the year ended September 30, 2025.

Item 7.01. Regulation FD Disclosure.

On July 29, 2025, Spire issued a press release announcing the Transaction, which is furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, Spire released an investor presentation providing additional detail on the Transaction, which is furnished as Exhibit 99.2 hereto and is incorporated herein by reference.

The information provided in this Item 7.01 (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

Spire owns certain assets associated with its Midstream segment, more specifically identified as Spire Storage, which consist of assets and operations physically located at 4003 Clear Creek Road, Evanston, Wyoming (Spire Storage West LLC) and 78413 Osage Road, Manchester, Oklahoma (Spire Storage Salt Plains LLC) (collectively “Storage Assets”). Spire intends to explore the possible sale of the Storage Assets to offset the other financing arrangements related to the Transaction.

A related news release is attached as Exhibit 99.1 and incorporated by reference in Items 1.01 and 8.01.

Forward-Looking Information

This document contains “forward looking statements” that are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as, but not limited to: “estimates,” “expects,” “projects,” “anticipates,” “intends,” “targets,” “plans,” “forecasts,” “may,”, “likely,” “would,” “should”, “anticipated” and similar expressions.

Actual outcomes or results could differ materially from the forward-looking statements as a result of changes in circumstances, assumptions not being realized or other risks, uncertainties and other factors, including but not limited to, conditions to the completion of the Transaction, such as receipt of required regulatory clearances, not being satisfied; closing of the Transaction being delayed or not occurring at all; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Purchase Agreement; the inability of Spire to obtain financing as currently contemplated; Spire being unable to achieve the anticipated benefits of the Transaction; the acquired assets not performing as expected; Spire assuming unexpected risks, liabilities and obligations of the acquired assets; significant transaction costs associated with the Transaction; the risk that disruptions from the Transaction will harm the businesses, including current plans and operations; the ability to retain and/or hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed Transaction; and other factors relating to the operations and financial performance discussed in Spire’s filings with the SEC.

Although the forward-looking statements contained in this document are based on estimates and assumptions that management believes are reasonable, various uncertainties and risk factors may cause future performance or results to be different than those anticipated. More complete descriptions and listings of these uncertainties and risk factors can be found in Spire’s Annual Report on Form 10-K for the year ended September 30, 2024 and in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Spire cannot guarantee that the future results reflected in or implied by any such forward-looking statement will be realized or, even if substantially realized, will have the forecasted or expected consequences and effects for or on Spire’s operations or financial performance. Such forward-looking statements are made based on information available as of the date of this document, and Spire undertakes no obligation to revise or update such statements to reflect subsequent events or circumstances, except as otherwise required by securities and other applicable laws.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are filed as part of this report:

99.1 News release dated July 29, 2025.

99.2 Investor Presentation dated July 29, 2025.

104 Cover page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Spire Inc.
Date: July 29, 2025				By:		/s/ Courtney M. Vomund
						Courtney M. Vomund Senior Vice President, Chief Administrative Officer & Corporate Secretary

FAQ

Why is FiscalNote (NOTE) proposing a reverse stock split?

To raise the per-share price and regain compliance with NYSE Rule 802.01C after the stock traded below $1 for 30 consecutive days.

What split ratios has the Board been authorised to use?

Any ratio between 1-for-2 and 1-for-15, at the Board’s discretion, until 10 Oct 2025.

Will shareholders vote on the reverse split?

No. Holders with 66.9% voting power have already approved the amendment by written consent; no further vote or proxy is required.

How will the number of outstanding shares change?

Based on 170.2 M shares outstanding, post-split shares would range from 85.1 M (1-for-2) to 11.3 M (1-for-15).

What happens to fractional shares after the split?

Fractional entitlements will be rounded down, and holders will receive cash for the aggregated sold fractions.

Does the split affect ownership percentages or voting rights?

No. Each shareholder will own the same proportional interest and voting power, except for minor effects of fractional share cash-outs.