Prairie Operating Co. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Prairie Operating Co. (formerly Creek Road Miners, Inc.) on October 13, 2023, with the earliest event reported on October 11, 2023. The Company is incorporated in Delaware and maintains its principal executive offices in Houston, Texas.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or liquidity ratios. The only specific financial data disclosed relates to a debt conversion event:
- Debt Converted: $2,000,000 aggregate principal amount of 12% amended and restated senior secured convertible debentures.
- Accrued Interest Paid: $7,000.
- Equity Issued: 11,447,619 shares of common stock (par value $0.01) issued upon conversion.
Material Changes
The filing reports two significant corporate actions:
- Unregistered Sales of Equity Securities: On October 13, 2023, the Company issued 11,447,619 shares of common stock to holders of convertible debentures in exchange for $2,000,000 of principal and $7,000 of accrued interest. This issuance was made pursuant to the Section 3(a)(9) exemption from registration under the Securities Act of 1933.
- Reverse Stock Split and Name Change: On October 16, 2023, the Company announced the effectiveness of a reverse stock split at an exchange ratio of 1:28.5714286. Concurrently, the Company changed its name from Creek Road Miners, Inc. to Prairie Operating Co. and its trading symbol from "CRKR" to "PROP," effective after 20 trading days from October 16, 2023.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard regulatory disclosures. The press release referenced in Item 7.01 is not deemed "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference.
Investor Verification Checklist
- Verify the effective date of the new trading symbol "PROP" following the 20-day waiting period post-October 16, 2023.
- Confirm the impact of the 1:28.5714286 reverse stock split on existing shareholdings and the adjusted share price.
- Review the terms of the remaining 12% senior secured convertible debentures to assess future conversion risks or obligations.
- Check subsequent filings for the Company's first audited financial statements under the new name and capital structure.