U.S. Energy (NASDAQ: USEG) prices 8.8M-share equity deal

Rhea-AI Filing Summary

U.S. Energy Corp. entered into and closed an underwritten public offering of 8,800,000 shares of common stock at $1.00 per share, under an underwriting agreement with Roth Capital Partners, LLC. The deal was conducted off an effective shelf registration statement on Form S-3.

The company expects to receive approximately $8.2 million in net proceeds after underwriting discounts, commissions and expenses. It plans to use the cash to develop its Kevin Dome asset in Montana, as well as for general corporate purposes and working capital. The company, its directors and executive officers agreed to a 60-day lock-up on stock sales, subject to exceptions.

Insights

Equity capital markets analyst

U.S. Energy completes an $8.2M equity raise to fund Montana asset development.

U.S. Energy Corp. completed a fully underwritten common stock offering of 8,800,000 shares at $1.00 per share, generating about $8.2 million in net proceeds. The transaction used an existing shelf registration and an underwriting agreement with Roth Capital Partners, LLC.

The company states it will direct proceeds toward development of its Kevin Dome asset in Montana, along with general corporate uses and working capital. A 60-day lock-up for the company, directors and executive officers limits near-term insider and issuer sales, which can help stabilize trading after the deal.

The economic impact depends on how effectively capital is deployed into Kevin Dome and core operations. Subsequent disclosures in reports covering periods after March 10, 2026 will show how the new funding affects production, costs and overall financial performance.

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US ENERGY CORP

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): March 9, 2026

U.S. ENERGY CORP.

(Exact name of registrant as specified in its charter)

Delaware		000-06814		83-0205516
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1616 S. Voss, Suite 725, Houston, Texas		77057
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (303) 993-3200

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 (see General Instruction A.2 below):

☐	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 Act:

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, $0.01 par value		USEG		The NASDAQ Stock Market LLC (Nasdaq Capital Market)

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 March 9, 2026, U.S. Energy Corp. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Roth Capital Partners, LLC (the “Underwriter”), relating to the previously announced underwritten offering of 8,800,000 shares of common stock, par value $0.01 per share, of the Company (the “Common Stock”), at a price to the public of $1.00 per share (such offering, the “Offering”).

The Underwriting Agreement contains customary representations and warranties, agreements and obligations, closing conditions and termination provisions. The Company has agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”), and to contribute to any payment that the Underwriters may be required to make because of any of those liabilities.

The Underwriting Agreement contains customary representations and warranties that the parties made to, and solely for the benefit of, the other party in the context of all of the terms and conditions of that agreement and in the context of the specific relationship between the parties. The provisions of the Underwriting Agreement, including the representations and warranties contained therein, are not for the benefit of any party other than the parties to such agreements and are not intended as documents for investors and the public to obtain factual information about the current state of affairs of the parties to those documents and agreements. Rather, investors and the public should look to other disclosures contained in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).

Under the terms of the Underwriting Agreement, the Company and the Company’s directors and executive officers, also agreed not to sell or transfer any Common Stock without first obtaining the written consent of the Underwriter, subject to certain exceptions, for 60 days after the date of the final prospectus supplement relating to the Offering.

The Offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-290232) (the “Registration Statement”) that was filed with the SEC on September 12, 2025 and declared effective by the SEC on September 23, 2025, including the prospectus forming a part of the Registration Statement, and a final prospectus supplement, which was filed with the SEC on March 9, 2026, pursuant to Rule 424(b) under the Securities Act.

The Offering closed on March 10, 2026. The Company intends to use the approximately $8.2 million of net proceeds from the Offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, for the development of its asset on Kevin Dome in Montana, general corporate purposes, and working capital, or for other purposes that our board of directors, in their good faith, deems to be in the best interest of the Company.

The foregoing summary of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting Agreement, a copy of which is attached as Exhibit 1.1 to this Current Report on Form 8-K and incorporated into this Item 1.01 by reference.

A copy of the legal opinion of The Loev Law Firm, PC relating to the validity of the issuance and sale of the Common Stock in the Offering is filed as Exhibit 5.1 to this Current Report on Form 8-K and is filed with reference to, and is hereby incorporated by reference into, the Registration Statement.

This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy any Common Stock, nor shall there be any offer, solicitation or sale of Common Stock 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 other jurisdiction.

Item 9.01.         Financial Statements and Exhibits.

(d)         Exhibits.

Exhibit Number		Description of Exhibit
1.1		Underwriting Agreement, dated March 9, 2026, by and between U.S. Energy Corp. and Roth Capital Partners, LLC
5.1		Opinion of The Loev Law Firm, PC
23.1		Consent of The Loev Law Firm, PC (included as part of Exhibit 5.1 hereto).
104		Inline XBRL for the cover page of this Current Report on Form 8-K

The inclusion of any website address in this Form 8-K, and any exhibit thereto, is intended to be an inactive textual reference only and not an active hyperlink. The information contained in, or that can be accessed through, such website is not part of or incorporated into this Form 8-K.

SIGNATURES

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

	U.S. ENERGY CORP.
	By:	/s/ Ryan Smith
		Ryan Smith
		Chief Executive Officer

Dated: March 10, 2026

FAQ

What equity offering did U.S. Energy Corp. (USEG) complete in March 2026?

U.S. Energy Corp. completed an underwritten public offering of 8,800,000 common shares at $1.00 per share. The deal was executed under an existing shelf registration, with Roth Capital Partners, LLC acting as underwriter for the transaction.

How much cash did U.S. Energy Corp. (USEG) raise from the March 2026 offering?

The company expects approximately $8.2 million in net proceeds from the offering after underwriting discounts, commissions and estimated expenses. This capital provides additional funding for its projects and general corporate activities disclosed in the filing.

How will U.S. Energy Corp. (USEG) use the $8.2 million in net proceeds?

U.S. Energy plans to use the net proceeds primarily to develop its Kevin Dome asset in Montana. Remaining funds are earmarked for general corporate purposes, working capital, and other uses its board of directors determines are in the company’s best interests.

Who underwrote U.S. Energy Corp.’s (USEG) March 2026 stock offering?

Roth Capital Partners, LLC served as the sole underwriter for the 8,800,000-share common stock offering. The underwriting agreement includes customary representations, warranties, indemnification provisions, closing conditions, and termination rights between the company and the underwriter.

Is there a lock-up period related to U.S. Energy Corp.’s (USEG) new shares?

Yes. Under the underwriting agreement, the company, its directors and executive officers agreed not to sell or transfer common stock for 60 days after the final prospectus supplement date, subject to specified exceptions and with the underwriter’s written consent.

Under what registration statement was the U.S. Energy Corp. (USEG) offering made?

The offering was conducted under a shelf registration statement on Form S-3, File No. 333-290232. This registration was filed on September 12, 2025 and declared effective on September 23, 2025, with a final prospectus supplement filed on March 9, 2026.

Filing Exhibits & Attachments

6 documents

Other Documents

• EX-1.1 EXHIBIT 1.1 174.7 KB
• EX-5.1 EXHIBIT 5.1 13.5 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.5 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.7 KB