In a recent transaction, significant stakeholders of EON Resources Inc. (NASDAQ:EONR), a micro-cap company valued at approximately $13.5 million, executed a major sale of the company's Class A Common Stock. According to InvestingPro data, the stock has shown significant volatility, with a 41.5% gain in the past week despite a 50.7% decline over six months. The transaction, which took place on January 21, involved the sale of 1,071,897 shares at a weighted average price of approximately $1.59 per share, yielding a total value of $1,701,743.
The shares were sold in multiple transactions with prices ranging from $1.50 to $1.80. Following this sale, Pogo Royalty, LLC, one of the reporting entities, continues to hold a beneficial interest in 500,000 shares of Class B Common Stock, which are exchangeable for an equivalent number of Class A shares.
This transaction highlights ongoing movements in the holdings of EON Resources' major investors, providing insight into the company's shareholder dynamics.
In other recent news, EON Resources Inc. has undergone significant developments. The Houston-based oil and natural gas firm recently secured stockholder approval on key proposals at its annual meeting. Among these, the election of two Class I Directors, Dante Caravaggio and Joseph Salvucci, Jr., to its Board of Directors was confirmed. The stockholders also ratified the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
Additionally, stockholders approved the issuance of shares of Class A Common Stock to White Lion Capital, LLC. This issuance is related to the Common Stock Purchase Agreement dated October 17, 2022, and allows the company to issue shares beyond the Exchange Cap as defined in the agreement. Furthermore, EON Resources has amended its bylaws to reduce the quorum needed for stockholder meetings to one-third of the voting power of the shares issued, outstanding, and entitled to vote.
Lastly, the company executed a series of unregistered sales of equity securities, including the issuance of shares to its former CEO, Diego Rojas, and investor relations consultant Mike Porter, among others. These recent developments reflect the company's strategic financial decisions and the stockholders’ support for its direction and governance.
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