SCHEDULE 13D/A: Major Shareholder Pogo Royalty Reduces Stake in EON Resources, Sells 429,125 Class A Shares

Pogo Royalty, LLC and its affiliated entities have filed an amended Schedule 13D, disclosing a reduction in their beneficial ownership of EON Resources Inc. to 16.2% following the sale of 429,125 Class A Common Stock shares.

Summary

• Pogo Royalty, LLC, along with its controlling entities CIC Pogo LP, CIC IV GP LLC, CIC Partners Firm LP, and CIC Partners Firm GP LLC, collectively referred to as the Reporting Persons, beneficially own 1,571,897 shares of EON Resources Inc. as of January 8, 2025.
• This beneficial ownership represents 16.2% of the assumed combined total of 9,704,972 shares of common stock outstanding for EON Resources Inc.
• The total outstanding shares calculation includes 9,204,972 Class A Common Stock shares as of November 7, 2024, and assumes the conversion of 500,000 Class B Common Stock shares and equivalent OpCo Class B Units held by Pogo Royalty into Class A Common Stock.
• Pogo Royalty, LLC sold 429,125 shares of Class A Common Stock on January 8, 2025, at a weighted average trading price of $1.5208 per share, with transactions ranging from $1.50 to $1.59.
• The sale was conducted in the open market pursuant to a Rule 10b5-1 Trading Plan adopted by Pogo Royalty on September 13, 2024.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to a significant shareholder reducing their stake, although the sale was part of a pre-scheduled plan (Rule 10b5-1), which mitigates some of the negative implications.

Positives

• The sale of shares was conducted under a pre-arranged Rule 10b5-1 Trading Plan, indicating a planned transaction rather than an immediate reaction to new negative information.

Negatives

• A significant shareholder reducing their stake in the company could be perceived negatively by the market, potentially signaling a lack of conviction or a strategic reallocation of capital away from EON Resources.

Future Outlook

The document does not provide any forward-looking statements or guidance regarding EON Resources Inc.'s future operations or financial performance.

Industry Context

This filing is a routine disclosure of beneficial ownership changes by a significant shareholder and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders may react to the news of a significant holder reducing their stake, potentially influencing market perception and share price.

Next Steps

• The reporting persons undertake to provide EON Resources Inc., any security holder, or the SEC staff, upon request, full information regarding the number of shares sold at each separate price within the reported ranges.

Key Dates

Keywords

EON Resources Inc., Pogo Royalty LLC, Schedule 13D, Beneficial Ownership, Stock Sale, Class A Common Stock, Class B Common Stock, SEC Filing, HNRA Upstream LLC, Rule 10b5-1 Trading Plan