Mammoth Energy (TUSK) Stock Rises Sharply On Subsidiary's Settlement Agreement
Mammoth Energy (TUSK) Stock Rises Sharply On Subsidiary's Settlement Agreement
The shares of Mammoth Energy Services, Inc. (NASDAQ: TUSK) have increased significantly during the current trading session following the announcement of a settlement agreement. The price of TUSK stock on US stock charts climbed 24.64% to $4.36 in the most recent update.
美孚能源服务股份有限公司股票（纳斯达克：TUSK）的股价在宣布和解协议后的交易中显著上涨。据US股市的TUSk股票图表显示，最新价上涨24.64％，达到$4.36。
Table of Contents
目录
- Specifics of the Settlement Agreement
- The Agreement's History and Financial Consequences
- 和解协议的细节
- 协议的历史和财务后果
Specifics of the Settlement Agreement
和解协议的细节
Mammoth Energy subsidiary Cobra Acquisitions LLC ("Cobra") stated that it has entered into a release and settlement agreement with the Financial Oversight and Management Board for Puerto Rico (FOMB) and the Puerto Rico Electric Power Authority ("PREPA"). FOMB is serving as PREPA's Title III representative. This agreement aims to address any outstanding disputes that may exist between PREPA and Cobra.
美孚能源的子公司Cobra Acquisitions LLC（“Cobra”）表示，该公司已与波多黎各财政监督和管理委员会（FOMB）以及波多黎各电力局（“PREPA”）签署了一份解除和解协议。 FOMB担任PREPA的第III标题代表。该协议旨在解决PREPA和Cobra之间可能存在的任何未解决争端。
Mammoth Energy will be compensated for services completed almost five years ago. With a balance of about $49.3 million as of June 30, 2024, the company's term credit facility will be repaid in part with the $188.4 million settlement. The remaining $139.1 million will increase Mammoth Energy's cash on hand, allowing for general corporate purposes and further company reinvestment.
美孚能源将获得近五年完成的服务的补偿。截至2024年6月30日，公司的期限信贷额度约为$49.3百万，将通过$188.4百万的和解款项部分还清。剩余的139.1百万美元将增加美孚能源的现金储备，用于一般企业用途和进一步公司再投资。
The Agreement's History and Financial Consequences
协议的历史和财务后果
Puerto Rico's electricity system was severely damaged by Hurricane Maria in 2017, and Cobra and PREPA had previously inked two contracts to assist in its reconstruction. In the District of Puerto Rico United States District Court, PREPA has been the focus of bankruptcy proceedings since July 2017. These actions are currently pending.
2017年，飓风玛丽亚严重破坏了波多黎各的电力系统，并且Cobra和PREPA曾经签署了两份协助重建的合同。PREPA自2017年7月以来一直是波多黎各联邦破产法院的焦点。目前这些行动仍在进行中。
As of June 30, 2024, Cobra owed PREPA a total of around $359.1 million for these agreements' receivables. About $18.4 million in FEMA money that PREPA is holding are at risk of being garnished for municipal tax claims made by three Puerto Rican municipalities. Cobra contests that these garnishments are legal.
截至2024年6月30日，Cobra应PREPA支付约359.1百万美元的应收款项。 PREPA持有的大约184百万美元的FEMA资金面临被三个波多黎各市政府提出的地方税收要求扣押的风险。Cobra认为这些扣押是合法的。
Due to the Settlement Agreement, Mammoth Energy will record a non-cash, pre-tax charge of approximately $170.7 million in the second quarter of 2024. This charge will adjust its accounts receivable balance from PREPA to reflect the expected settlement amount.
由于和解协议，美孚能源将在2024年第二季度录得约170.7百万美元的非现金税前费用。这笔费用将调整其从PREPA获得的应收账款余额，以反映预期的和解金额。