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GreenHunter Resources, 10.0% Series C Cumulative Preferred Stock
Ticker Symbol: GRHPQ* CUSIP: 39530A203 Exchange: OTOTC
* NOTE: This security is no longer trading as of 10/10/2017
Security's Distribution is Suspended!
Security has been Called for: Tuesday, October 10, 2017
October 10, 2017 -- OTC Daily Deletions Updates notes: Bankruptcy Plan Effective/Shares Cancelled. Upon the Effective Date, all Equity Interests in the Debtors shall be cancelled, voided and of no further force or effect whatsoever. No distributions will be made on account of any Equity Interest in the Debtors________________From the 10-Q report filed with the SEC on 8/14/-15 -- As of June 30, 2015, we had a working capital deficit of $2.6 million. We were not in compliance with a certain existing debt covenant contained in one of our secured debt agreements as of December 31, 2014. However, we obtained a waiver from the lender for the non-compliance with the debt covenant for the years ending December 31, 2014 and December 31, 2015. Additionally, we were not in compliance with certain covenants including a financial debt covenant related to our new senior secured financing agreement at June 30, 2015, mainly due to construction delays, the state regulatory process necessary to finalize the permits on the wells took longer than anticipated, and, to a lesser extent, due to decreases in both our trucking and disposal business in the second quarter related to a significant decrease in flow-back water from a slow-down in hydraulic fracturing activity in our area of operations. We have obtained a waiver of the non-compliance of the covenants from the lender for both the second and third quarters of 2015. In exchange for obtaining a waiver of non-compliance, the Note Purchase Agreement for our senior secured credit facility has been amended to require us not to pay dividends on our Series C Cumulative Preferred stock unless we have been in compliance with the Agreement’s debt covenants for two consecutive quarters. The Company may then resume dividend payments, subject to certain conditions. The Company also agreed to temporarily increase its monthly royalty payment as required by the Agreement from $0.10 per each barrel of disposal water to the greater of $0.12 per barrel or five percent of the outstanding balance of the note until certain conditions are met, which include a requirement that the Company raise $2 million in additional equity by the end of 2015.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: GreenHunter Resources, formerly GreenHunter Energy, 10% Series C Cumulative Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after 6/30/2015 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 10.0% per annum ($2.50 per annum or $0.625 per quarter) will be paid monthly on the last day of each month to holders of record on the record date the will be on or about the fifteenth day of the month in which the payment is due (NOTE: the ex-dividend date is at least 2 business days prior to the record date). In the event that the shares are no longer listed on the NYSE, the AMEX or the Nasdaq exchanges, the dividend rate will be increased to 12.0% per annum after 180 days. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. If the company has exercised their redemption right, the holders will NOT have the following conversion right. Upon the occurrence of a change of control, and the company has NOT provided notice that they intend to redeem the preferred shares, the holder will have the right to convert the preferred shares into common shares under certain circumstances (see the prospectus for details). Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 92 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (GRHHQ)
IPO - 7/26/2012 - 425,000 Shares @ $21.00/share.
Link to IPO Prospectus
Previous Ticker Symbol: GRH-C Changed: 3/02/2016
Previous Name: GreenHunter Energy, 10.0% Series Cumulative Preferred Stock Changed: 5/28/2013
Market Value $8.9 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: 1048 Texan Trail, Grapevine, TX 76051 |
| Main Phone Number |
972-410-1044 |
| Fax Number |
972-410-1066 |
| Investor Relations
Jonathan D. Hoopes
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972-410-1044
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Toll Free Phone Number |
Unknown |
| CEO - Gary C. Evans |
CFO - David S. Krueger |
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