Form 4: Prairie Operating Co. Director James W. Wallis Reports Changes in Beneficial Ownership

Director James W. Wallis reports transactions involving Prairie Operating Co. common stock, warrants, and convertible preferred stock, including purchases, sales, and adjustments due to a reverse stock split.

Summary

• On September 7, 2023, James W. Wallis purchased 204,422 shares of common stock, 477.89 shares of Series D Convertible Preferred Stock, 95,578 Series A Warrants, and 95,578 Series B Warrants for $1.5 million.
• On October 10, 2023, Wallis sold 68,134 shares of common stock, 159.30 shares of Series D Convertible Preferred Stock, 31,860 Series A Warrants, and 31,860 Series B Warrants for $500,000.
• On October 16, 2023, Prairie Operating Co. executed a reverse stock split at a ratio of 1:28.5714286, which adjusted all security amounts and conversion prices.
• On May 1, 2024, 63,719 Series B Warrants expired.
• Following these transactions, Wallis indirectly owns 769,930 shares of common stock through the James W. Wallis Living Trust.

Sentiment

Score: 5

Explanation: The document is a factual report of transactions and a reverse stock split, with no inherent positive or negative sentiment. It simply reflects changes in ownership.

Industry Context

This filing reflects the trading activity of a significant shareholder in Prairie Operating Co., which can provide insights into management's perspective on the company's value and future prospects. Monitoring such filings is a common practice among investors.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, as mandated by the SEC.
• The reverse stock split is a corporate action often undertaken by companies to increase their stock price and maintain listing requirements, which is a common strategy in the industry.
• Comparable companies in the oil and gas sector, such as APA Corporation and Devon Energy, also have insiders who regularly report their transactions via Form 4 filings.

Stakeholder Impact

• Shareholders may react to the reported transactions, potentially influencing the stock price.
• The reverse stock split impacts all shareholders by reducing the number of outstanding shares and increasing the price per share.

Key Dates