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HOUSTON—Deneke J. Heath, Chairman, President, and CEO of Summit Midstream Corp (NASDAQ:NYSE:SMC), has sold a portion of his holdings in the company. The stock has shown remarkable strength, delivering a 164% return over the past year and trading near its 52-week high of $44.67. According to a recent SEC filing, Deneke sold a total of 3,000 shares of common stock over a series of transactions from February 10 to February 12, 2025. The shares were sold at prices ranging from $43.18 to $44.35, amounting to a total value of $131,067. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available through their comprehensive Pro Research Report.
The transactions were conducted under a pre-established trading plan, complying with Rule 10b5-1. After these sales, Deneke retains ownership of 252,326 shares in the company. Despite strong price momentum, InvestingPro data reveals the company faces profitability challenges and operates with significant debt, with 6 more key insights available to subscribers.
In other recent news, Summit Midstream Corp has been active in financial maneuvering, with a series of noteworthy developments. The company recently issued an additional $250 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029. This issuance, which is part of the same series as the existing notes, brings the total aggregate principal amount of the notes to $825 million. The proceeds are intended to repay a portion of the outstanding borrowings under the company’s asset-based revolving credit facility and will also be used for general corporate purposes.
Additionally, Summit Midstream has finalized a key agreement following an acquisition that bolsters its financial structure. The company entered into a material definitive agreement that provides a guarantee for $575 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due in 2029. Furthermore, Summit Midstream’s stockholders approved a significant stock issuance to Tall Oak Midstream Holdings, LLC, allowing for the issuance of up to 7,471,008 shares of Class B common stock and an equal number of common units representing limited partner interests in Summit Midstream Partners, LP.
These are recent developments for Summit Midstream, a player in the natural gas transmission industry, as it continues to manage its debt portfolio and liquidity needs.
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