HighPeak Energy, Inc. Announces the Maturity Date of its Contingent Value Rights

Rhea-AI Summary

HighPeak Energy, Inc. (NASDAQ: HPK) announced that the Sponsors have set August 22, 2022, as the date to calculate the Preferred Return under the Contingent Value Rights (CVR) Agreement. The projected return amount is $0.00, leading to the expiration of the CVRs on that date. Consequently, these rights will no longer be traded on the over-the-counter market. HighPeak operates in the Midland Basin, focusing on oil and natural gas reserves development and exploration.

Positive

• Focus on acquisition and development in the Midland Basin
• Publicly traded company offering transparency to investors

Negative

• Per CVR Preferred Return Amount is projected to be $0.00, indicating no return for CVR holders
• Expiration of CVRs means a loss of potential value for investors holding these rights

FORT WORTH, Texas, Aug. 19, 2022 (GLOBE NEWSWIRE) -- HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) announced today that HighPeak Pure Acquisition, LLC, HighPeak Energy, LP and HighPeak Energy II, LP (each a “Sponsor” and collectively the “Sponsors”) have determined, in their sole discretion, to set Monday, August 22, 2022 as the intended date of calculation of the Preferred Return as defined in the Contingent Value Rights Agreement, which can be found here on the Securities and Exchange EDGAR website (the “CVR Agreement”) and the maturity date of the Company’s contingent value rights (“CVR”). The Per CVR Preferred Return Amount (as defined in the CVR Agreement) on August 22, 2022 is projected to be $0.00. Consequently, the Company’s CVRs will expire on Monday, August 22, 2022 and will no longer trade on the over-the-counter market.

About HighPeak Energy, Inc.

HighPeak Energy, Inc. is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

Investor Contact:
Ryan Hightower
Vice President, Business Development
817.850.9204
rhightower@highpeakenergy.com

Source: HighPeak Energy, Inc.

FAQ

What is the significance of the August 22, 2022 date for HighPeak Energy (HPK)?

August 22, 2022, is the date set to calculate the Per CVR Preferred Return, projected to be $0.00.

What happens to the Contingent Value Rights (CVRs) after August 22, 2022?

The CVRs will expire and will no longer trade on the over-the-counter market.

What is the projected Per CVR Preferred Return Amount for HighPeak Energy (HPK)?

The projected Per CVR Preferred Return Amount is $0.00 as of August 22, 2022.