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J. Heath Deneke, Chairman, President, and CEO of Summit Midstream Corp (NYSE:SMC), recently sold a portion of his holdings in the company. The sale comes as SMC’s stock has shown remarkable performance, delivering a 115.7% return over the past year. According to a recent SEC filing, Deneke executed multiple transactions between February 24 and February 26, 2025, selling a total of 3,000 shares of common stock.
The shares were sold at prices ranging from $41.64 to $42.63, resulting in a total transaction value of $126,303. Following these sales, Deneke now holds 243,326 shares of Summit Midstream Corp. According to InvestingPro analysis, SMC appears undervalued despite operating with significant debt of $957M. Subscribers can access 5 additional ProTips and a comprehensive Pro Research Report for deeper insights into SMC’s financial health.
These transactions were carried out under a pre-established 10b5-1 trading plan, which allows insiders to set up a predetermined schedule for buying or selling company stock.
In other recent news, Summit Midstream Corp announced the issuance of an additional $250 million in senior secured second lien notes, which will mature in 2029. This move brings the total aggregate principal amount of the notes to $825 million. The proceeds from this offering are intended to repay a portion of the outstanding borrowings under the company’s asset-based lending credit facility and for general corporate purposes. Additionally, Summit Midstream finalized a significant agreement following an acquisition, enhancing its financial structure. This agreement involves a guarantee for $575 million in senior secured notes and grants a lien on nearly all of the Guarantors’ personal property. Furthermore, Summit Midstream’s stockholders approved a substantial stock issuance to Tall Oak Midstream Holdings, LLC, involving up to 7,471,008 shares of Class B common stock. This stock issuance is part of a compliance measure and received overwhelming support from stockholders, indicating strong engagement in the company’s strategic decisions. These recent developments reflect Summit Midstream’s ongoing efforts to manage its financial obligations and support its growth trajectory.
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