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HOUSTON, TX – Prairie Operating Co. (NASDAQ:PROP), a Delaware-incorporated company specializing in crude petroleum and natural gas with a market capitalization of $153.63 million, has amended its Purchase and Sale Agreement (PSA) with various Bayswater entities, as revealed in a recent SEC filing. According to InvestingPro data, the company currently faces significant financial challenges, with an EBITDA of -$30.48 million in the last twelve months. The amendment, effective as of Monday, extends the termination date of the agreement to March 20, 2025, providing additional time for the completion of the transaction.
The original agreement, announced on February 7, 2025, involved Prairie Operating Co. and its subsidiaries, collectively known as the Buyer AssetCos, and the sellers, a group of companies under the Bayswater name. The PSA amendment stipulates that the equity consideration for Bayswater Exploration and Production, LLC at closing will be valued at $16.0 million. The number of shares to be issued will be determined according to the PSA Amendment, with a cap of 5,249,639 shares. With Prairie’s stock currently trading at $5.72, down more than 50% over the past six months, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value.
This strategic move is significant for Prairie Operating Co. as it seeks to expand its operations within the energy sector. The extension of the deal’s "Outside Date" indicates ongoing negotiations and the parties’ commitment to finalizing the transaction.
Investors and market observers are keeping a close eye on the developments of this agreement, which could have implications for Prairie Operating Co.’s asset portfolio and market position. The full terms of the PSA Amendment can be found in the accompanying Exhibit 10.1 filed with the SEC.
The information in this article is based on a press release statement.
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