Prairie Operating Co. Announces Registered Direct Offering of Series F Convertible Preferred Stock and Warrants to Purchase Common Stock

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[{"type":"text","content":"HOUSTON, March 24, 2025 (GLOBE NEWSWIRE) -- Prairie Operating Co. (“Prairie,” the “Company,” “we” or “our”) (Nasdaq: PROP), an independent oil and gas company focused on the acquisition and development of crude oil, natural gas and natural gas liquids, announced today that it has entered into a Securities Purchase Agreement with a certain investor, pursuant to which the Company agreed to issue and sell, in a registered public offering by the Company directly to such investor (the “Preferred Stock Offering”), an aggregate of 150,000 shares of new Series F Convertible Preferred Stock (the “Series F Preferred Stock”). From and after the date the Series F Preferred Stock is issued by the Company (the “Closing Date”), the holder of the Series F Preferred Stock will be entitled to receive, on a cumulative basis, dividends on each share of Series F Preferred Stock at a rate per annum equal to 12% on the amount equal to the sum of (a) the stated value of the Series F Preferred Stock plus (b) all accrued and unpaid dividends on such share of Series F Preferred Stock (including dividends accrued and unpaid on previously unpaid dividends). The Company intends to use the net proceeds from the Preferred Stock Offering, together with the net proceeds from a concurrent registered public offering of common stock (the “Concurrent Common Stock Offering”), to fund a portion of the purchase price for the Company’s proposed acquisition of certain oil and gas assets from Bayswater Exploration and Production and certain of its affiliates (the “Bayswater Acquisition”). The Company intends to use any remaining net proceeds from the Preferred Stock Offering and the Concurrent Common Stock Offering for other general corporate purposes, which may include advancing the Company’s development and drilling program, repayment of existing indebtedness or financing other potential acquisition opportunities. In connection with the Preferred Stock Offering, the Company is also offering the holder of the Series F Preferred Stock warrants (the “Series F Warrant”), which will be registered together with the Series F Preferred Stock, to purchase additional shares of common stock of the Company, par value $0.01 per share (“Common Stock”) that will be issuable if, on the first anniversary of the Closing Date (such first anniversary date, the “Original Issuance Date”), (i...

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