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Additionally, on January 18, Deneke acquired 32,755 shares through the exercise of stock options, reflecting a zero-cost transaction. However, on the same day, 9,435 shares were withheld to cover tax liabilities, valued at $41.57 per share, amounting to $392,212.Following these transactions, Deneke's direct ownership stands at 267,326 shares of Summit Midstream (NYSE:SMC) Corp. With a beta of 2.41 and an overall Financial Health Score of "FAIR," detailed insider trading analysis and comprehensive financial metrics are available through InvestingPro's exclusive research reports. With a beta of 2.41 and an overall Financial Health Score of "FAIR," detailed insider trading analysis and comprehensive financial metrics are available through InvestingPro's exclusive research reports.
Additionally, on January 18, Deneke acquired 32,755 shares through the exercise of stock options, reflecting a zero-cost transaction. However, on the same day, 9,435 shares were withheld to cover tax liabilities, valued at $41.57 per share, amounting to $392,212.
Following these transactions, Deneke's direct ownership stands at 267,326 shares of Summit Midstream Corp.
In other recent news, Summit Midstream Corporation has issued an additional $250 million in aggregate principal amount of 8.625% Senior Secured Second Lien Notes due 2029, bringing the total aggregate principal amount of the notes to $825 million. This move is part of a broader strategy to manage Summit's debt portfolio and liquidity needs. Furthermore, the company announced the acquisition of Tall Oak Midstream Operating, LLC, extending Summit's operational range into the Arkoma Basin. The deal involves a $155 million upfront cash payment and approximately 7.5 million shares of Class B common stock.
Meanwhile, Summit Midstream has secured stockholder approval for a significant stock issuance to Tall Oak Midstream Holdings, LLC, permitting the issuance of up to 7,471,008 shares of Class B common stock. Analysts from InvestingPro have maintained a FAIR financial health score for the company. Lastly, Summit Midstream reported robust Q1 results, with a net income of $132.9 million and adjusted EBITDA of $70.1 million. These are some of the recent developments shaping the company's operations and financial structure.
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