Mammoth Energy Services, Inc. (NASDAQ:TUSK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
below), which description is incorporated herein by reference.
The description of the Amendment is a summary only and is
qualified in its entirety by reference to the Amendment, a copy
of which is filed herewith as Exhibit 2.1 and is incorporated
herein by reference.
it entered into a definitive asset purchase agreement (the
Purchase Agreement) with Chieftain Sand and Proppant, LLC and
Chieftain Sand and Proppant Barron, LLC, unrelated third party
sellers (the Sellers), following Mammoths successful bid in a
bankruptcy court auction for substantially all of the assets of
the Sellers (the Acquisition). The Purchase Agreement was amended
as of May 24, 2017 to, among other things, amend the definition
of Cash Consideration to allocate to Mammoth the remaining
proceeds, if any, from certain of Sellers pre-signing sales of
inventory and include the purchase price allocation (the
Amendment). The Acquisition closed on May 26, 2017 for the
purchase price of approximately $36 million, including closing
adjustments. Mammoth funded the purchase price for the
Acquisition with cash on hand and borrowings under its revolving
credit facility. The description of the assets subject to the
Acquisition is included in Mammoths Current Report on Form 8-K
filed with the Securities and Exchange Commission on March 29,
2017 and is incorporated herein by reference
closing of the Acquisition described in Item 1.01 above. A copy
of the press release is attached as Exhibit 99.1 to this Current
Report on Form 8-K.
respect to the Acquisition required by Item 9.01 of Form 8-K will
be included in an amendment to this Form 8-K by not later than 71
calendar days after the date that the initial report on Form 8-K
must be filed.
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Number
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Exhibit
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2.1#
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First Amendment to the Asset Purchase Agreement, dated
as of May 24, 2017, by and among Mammoth Energy Services, Inc., as purchaser, and Chieftain Sand and Proppant, LLC and Chieftain Sand and Proppant Barron, LLC, as sellers. |
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99.1
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Press release dated May 26, 2017 entitled Mammoth
Energy Services, Inc Announces Closing of Chieftain Sand Acquisition. |
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The schedules (or similar attachments) referenced in this
agreement have been omitted in accordance with Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule (or similar attachment) will be furnished supplementally to the Securities and Exchange Commission. |
About Mammoth Energy Services, Inc. (NASDAQ:TUSK)
Mammoth Energy Services, Inc. is an integrated oilfield service company. The Company is engaged in the exploration and development of North American onshore unconventional oil and natural gas reserves. The Company’s segments include Contract Land and Directional Drilling Services; Completion and Production Services; Natural Sand Proppant Services, and Remote Accommodation Services. Its Completion and Production Services division provides pressure pumping services, pressure control Services, flowback services and equipment rentals. Its Natural Sand Proppant Services division is engaged in selling, distributing and producing proppant for hydraulic fracturing. Its Contract Land and Directional Drilling Services division provides drilling rigs and crews for operators, as well as rental equipment. Its Remote Accommodation Services division provides housing, kitchen and dining, and recreational service facilities for oilfield workers located in remote areas. Mammoth Energy Services, Inc. (NASDAQ:TUSK) Recent Trading Information
Mammoth Energy Services, Inc. (NASDAQ:TUSK) closed its last trading session down -0.20 at 18.17 with 48,833 shares trading hands.
