Form 4: David Lubar Reports Acquisition of Hallador Energy Shares Through Interest Payment
SEC Form 4 Filing
David Lubar, a director and 10% owner of Hallador Energy, reports acquiring 51,168 shares of common stock due to an interest payment on unsecured convertible notes.
Summary
- David Lubar, a director and 10% owner of Hallador Energy Co., filed a Form 4 detailing changes in beneficial ownership.
- On February 23, 2024, Lubar acquired 51,168 shares of Hallador Energy common stock.
- These shares were acquired indirectly through an interest payment on Unsecured Convertible Notes.
- The price per share was $6.254, based on the 30-day VWAP on July 28, 2022, when the notes were issued.
- Following the transaction, Lubar beneficially owns 1,204,040 shares through Lubar Opportunities Fund I, LLC and 2,788,685 shares through Lubar Equity Fund.
- Lubar disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing an expected transaction. It doesn't inherently convey positive or negative sentiment.
Industry Context
This filing reflects insider activity related to convertible notes, which is a common financing mechanism in the energy sector. Monitoring such filings can provide insights into management's and major shareholders' perspectives on the company's value and prospects.
Comparison to Industry Standards
- Comparing Hallador Energy's insider ownership and financing strategies with peers like Peabody Energy (BTU) or Arch Resources (ARCH) can provide context.
- Convertible notes are frequently used in the energy sector, especially by companies seeking flexible financing options.
- The terms of the convertible notes, such as the conversion price and interest payment mechanism, are typical for similar instruments in the industry.
Stakeholder Impact
- The transaction increases David Lubar's indirect ownership in Hallador Energy.
- The acquisition of shares through interest payment dilutes existing shareholders to a small degree.
Key Dates
| Date | Description |
|---|---|
| 08/18/2022 | Date Convertible Note-common stock was issued |
| 07/28/2022 | 30 day VWAP used to calculate share price for interest payment on convertible notes. |
| 02/23/2024 | Date of transaction: Acquisition of shares through interest payment. |
| 08/17/2024 | Expiration date of Convertible Note-common stock |
| 02/27/2024 | Date of Form 4 filing. |
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