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J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NYSE:SMC), recently sold a portion of his common stock holdings in the company. According to a filing with the Securities and Exchange Commission, Deneke sold a total of 3,000 shares over several transactions from March 12 to March 14, 2025. The sale comes as Summit Midstream, with annual revenue of $429.62M and EBITDA of $158.82M, maintains a FAIR financial health rating according to InvestingPro analysis. The shares were sold at prices ranging from $37.12 to $38.61, totaling approximately $112,632.
The transactions were conducted under a qualified selling plan adopted pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934. Following these sales, Deneke holds 231,326 shares of Summit Midstream Corp.
In other recent news, Summit Midstream Corporation has completed the acquisition of Moonrise Midstream, LLC for $90 million, comprising $70 million in cash and $20 million in equity. This strategic acquisition enhances Summit’s operations in the DJ Basin with additional natural gas and crude oil gathering pipelines, and a natural gas processing plant. The company highlights the potential for operational and commercial synergies, supported by long-term contracts. Additionally, Summit Midstream has issued $250 million in additional senior secured notes, increasing the total principal amount to $825 million. These notes, due in 2029, are secured on a second-priority basis and are intended to repay a portion of the company’s outstanding borrowings and cover general corporate purposes. The issuance is part of Summit’s broader strategy to manage its debt portfolio and liquidity needs. Furthermore, these notes will be offered to qualified institutional buyers and non-U.S. persons, sharing similar terms with the existing notes. The details of these financial activities are available in the exhibits of the SEC filing.
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