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Bonanza Creek Energy and HighPoint Resources announced the anticipated closing of their merger on April 1, 2021. The merger will be executed under HighPoint's prepackaged plan of reorganization, with an exchange ratio of 0.114 shares of Bonanza Creek stock for each share of HighPoint stock, valuing HighPoint shares at $4.15 based on Bonanza Creek's March 26 closing price of $36.39. Following the merger, Bonanza Creek plans to provide guidance for the combined companies on April 5, 2021.
HighPoint Resources Corporation (NYSE: HPR) announced that it is unaware of any undisclosed developments affecting stock trading on March 24, 2021.
The company's forthcoming merger with Bonanza Creek Energy remains on track, with a planned exchange ratio of 0.114 shares of Bonanza Creek common stock for each share of HighPoint common stock, as per their merger agreement dated November 9, 2020.
On March 18, 2021, HighPoint Resources Corporation (NYSE: HPR) announced that the United States Bankruptcy Court for the District of Delaware confirmed its prepackaged plan of reorganization. This plan includes merger and restructuring transactions with Bonanza Creek Energy, Inc., following an agreement reached on November 9, 2020. The consummation of the plan is subject to specific conditions outlined in the related documents. HighPoint and Bonanza Creek are expected to announce the closing timeline shortly.
HighPoint Resources Corporation (NYSE: HPR) has filed for Chapter 11 bankruptcy in Delaware to implement its prepackaged reorganization plan. This plan, part of a merger with Bonanza Creek Energy, received overwhelming acceptance from 99% of both HighPoint and Bonanza Creek shareholders. The company aims to ensure ongoing operations during the bankruptcy process by securing court approval for essential expenses, including employee wages and vendor payments. The merger and restructuring are subject to final court confirmation.
On March 12, 2021, Bonanza Creek Energy and HighPoint Resources announced the results of their special stockholder meetings regarding a merger. At Bonanza Creek's meeting, 99.8% of voting shares supported the issuance of common stock for the merger. HighPoint saw over 99% of votes in favor of a prepackaged bankruptcy reorganization plan, essential for its transaction with Bonanza Creek. HighPoint stockholders also showed significant support for the merger and related executive compensation proposals. Both companies are advancing towards completing their merger, pending court confirmation.
Bonanza Creek Energy and HighPoint Resources announced the expiration of the Exchange Offer for HighPoint's Senior Notes as of March 11, 2021. The Exchange Offer aimed to facilitate Bonanza Creek's proposed acquisition of HighPoint. A minimum participation of 97.5% in the exchange was required, but this condition was not met, leading to the rejection of all tendered notes. Consequently, HighPoint may proceed with a prepackaged Chapter 11 bankruptcy plan, contingent on Bonanza Creek's stockholder approval. The transaction's completion is subject to court confirmation and other conditions.
HighPoint Resources Corporation (NYSE: HPR) has announced a virtual special meeting of stockholders on March 12, 2021, to approve key proposals related to its merger with Bonanza Creek. The proposals include the adoption of the merger agreement, executive compensation, and a prepackaged bankruptcy plan if necessary. The merger, involving a significant exchange of stock, has been unanimously approved by both companies' boards. If successful, existing HighPoint shareholders will hold approximately 1.6% of the combined entity, while noteholders will receive shares and new senior notes worth $100 million.
Bonanza Creek Energy (BCEI) has initiated Exchange Offers to acquire HighPoint Resources (HPR) through a swap of HighPoint's Senior Notes for Bonanza Creek's common stock and newly issued Senior Notes due 2026. This move is tied to Bonanza Creek's proposed acquisition of HighPoint, which depends on a minimum 97.5% participation from HighPoint’s Senior Notes holders. If this threshold is not met, HighPoint plans to file for Chapter 11 bankruptcy. The Exchange Offers include a Consent Solicitation for amendments to HighPoint's indentures, aiming for smoother transaction execution.
HighPoint Resources Corporation (NYSE: HPR) announced it has regained compliance with the NYSE continued listing standard after its average closing share price surpassed $1.00. This follows a notification on March 13, 2020, stating it was non-compliant due to a previous average share price falling below the threshold. However, the Company has also been notified of non-compliance regarding average global market capitalization and stockholders' equity, both of which fell below $50 million. HighPoint intends to submit a compliance plan within 45 days, allowing trading to continue while it addresses these issues.
HighPoint Resources Corporation (NYSE: HPR) announced on November 4, 2020, that it received a notice from the NYSE regarding non-compliance with listing standards, due to an average global market capitalization of approximately $41.5 million and a stockholders’ equity deficit of $12.6 million. The Company plans to submit a compliance plan within 45 days of the notice to address this issue within 18 months. Despite this notice, HPR's stock will continue to be listed and traded on the NYSE during the cure period.
