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.
Mammoth Energy Services股票（納斯達克：TUSK）在當前交易會話中因解決協議的公告而出現了顯着增長。在最近的更新中，TUSK股價在美國股票圖表上上升了24.64％至4.36美元。
Table of Contents
目錄
- Specifics of the Settlement Agreement
- The Agreement's History and Financial Consequences
- 和解協議的細節
- 協議的歷史和財務後果
Specifics of the Settlement Agreement
和解協議的細節
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.
Mammoth Energy子公司Cobra Acquisitions LLC（“Cobra”）表示，已與波多黎哥金融監督和管理委員會（FOMB）以及波多黎哥電力公司（“PREPA”）簽署發佈和解協議。 FOMB擔任PREPA的第三章代表。該協議旨在解決PREPA和Cobra之間可能存在的任何未解決爭端。
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.
Mammoth Energy將獲得幾乎五年前完成的服務的補償。截至2024年6月30日，該公司的期限信貸額度約爲4930萬美元，其中18840萬美元的和解款項將部分償還欠款。 剩下的13910萬美元將增加Mammoth Energy的現金頭寸，用於一般公司用途和進一步公司再投資。
The Agreement's History and Financial Consequences
協議的歷史和財務後果
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，颶風瑪麗亞嚴重破壞了波多黎各的電力系統，並且Cobra和PREPA曾經簽署了兩份協助重建的合同。PREPA自2017年7月以來一直是波多黎各聯邦破產法院的焦點。目前這些行動仍在進行中。
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應PREPA支付約359.1百萬美元的應收款項。 PREPA持有的大約184百萬美元的FEMA資金面臨被三個波多黎各市政府提出的地方稅收要求扣押的風險。Cobra認爲這些扣押是合法的。
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.
由於解決協議，Mammoth Energy將在2024年第二季度記錄約17070萬美元的非現金稅前費用。該費用將調整其應收賬款餘額以反映預期的和解金額。