Prairie Operating Co. (ticker: CRKR) has successfully issued its Series A, B, and C preferred stocks and completed mergers as part of its growth strategy, according to its Q1 2023 report. The company has effectively utilized its preferred stocks issuance and strategic mergers to raise capital and expand its market presence.
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Preferred Stocks Issuance
During this period, there were 273,129 shares of Series A preferred stock outstanding. These stocks were convertible into 15,607,371 shares of common stock using a conversion price of $0.175. Similarly, Prairie had 1,458 shares of Series B preferred stock outstanding, resulting in a stated value of $1,574,640 and convertible into 3,149,280 shares of common stock at a conversion price of $0.50. The company also reported 7,630 outstanding shares of Series C preferred stock, with a stated value of $8,476,930, convertible into 16,953,860 common shares at the same conversion price.
Successful Mergers and Agreements
Prairie Operating Co. achieved significant financial gains through transactions, such as the securities purchase agreement with Leviston Resources LLC, generating net cash proceeds of $4,378,995 in 2021. The company also entered into support agreements with the holders of Series B and Series C preferred stock, leading to the amendment of the conversion price and exercise price for these stocks to $0.50 per common share. The support agreements also facilitated the conversion of preferred stocks into common stocks immediately prior to the closing of the merger.
Post-Merger Growth
Furthermore, the company successfully executed the merger with Prairie Operating Co., LLC, which led to the conversion of outstanding Series A, B, and C preferred stocks into common stock. This allowed Prairie to capitalize on its growth strategy through expansion and the acquisition of additional assets.
Conclusion
In conclusion, Prairie Operating Co.’s Q1 2023 report highlights the successful issuance of preferred stocks and strategic mergers, providing a strong platform for further growth and expansion. The company’s ability to utilize these strategies has facilitated financial gains and increased market presence.
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