Mammoth Energy Services Inc (TUSK) News

TUSK READY FOR 5 BUCKS

TUSK...DAILY BEAST

Still going a little higher .We plan to use a portion of the $188.4 million in settlement proceeds to pay off our term credit facility, which had a balance of approximately $49.3 million as of June 30, 2024. The remaining amount of approximately $139.1 million will be cash on our balance sheet to be used to invest back into our business and for general corporate purposes."

Cobra and PREPA previously entered into two agreements to aid in the restoration and reconstruction of Puerto Rico's power grid in response to damage caused by Hurricane Maria in 2017. PREPA is currently subject to bankruptcy proceedings, which were filed in July 2017 and are currently pending in the United States District Court for the District of Puerto Rico (the "Title III Court"). As a result, PREPA's ability to meet its payment obligations under the above-referenced agreements is largely dependent upon funding from the Federal Emergency Management Agency ("FEMA") or other sources. Since September 30, 2019, Mammoth has been pursuing litigation in the Title III Court and other dispute resolution efforts seeking recovery of the amounts owed to Cobra by PREPA for restoration services in Puerto Rico, which proceedings are discussed in more detail in Mammoth's filings with the Securities and Exchange Commission (the "SEC"). As of June 30, 2024, Cobra had remaining receivables due from PREPA totaling approximately $359.1 million in relation to these agreements. PREPA is currently holding approximately $18.4 million in funds (the "Withheld FEMA Funds") received from FEMA for purported garnishments in this amount asserted by three Puerto Rican municipalities (the "Specified Municipalities") for certain municipal tax claims discussed in Mammoth's filings with the SEC and for which Cobra disputes any valid garnishment.

Under the terms of the Settlement Agreement, Cobra will have an allowed administrative expense claim against PREPA of $170.0 million (plus the $18.4 million in the Withheld FEMA Funds). Cobra's allowed claim will be paid through three installments: (i) $150.0 million on the later of (A) ten business days following approval of the Settlement Agreement by the Title III Court and (B) August 31, 2024; (ii) $20.0 million within seven days following the effective date of PREPA's plan of adjustment; and (iii) $18.4 million in the Withheld FEMA Funds within either (A) ten business days after the deadline for appealing the entry of the settlement order by the Title III Court under the applicable bankruptcy rules of procedure if no such appeal is filed, or (B) if the provisions of the settlement order allowing PREPA to release the Withheld FEMA Funds to Cobra without retaining any liability to the Specified Municipalities are appealed by the Specified Municipalities, within ten business days of the filing of the notice of such appeal.

The Settlement Agreement was approved by the Company's Board of Directors on July 22, 2024, and was also approved by the PREPA Board and by the FOMB. The Settlement Agreement remains subject to approval by the Title III Court, which is expected to hear the motion relating to the Settlement Agreement at either a non-omnibus hearing to be held in August of 2024 or at the next omnibus hearing to be held on September 18, 2024.

As a result of the Settlement Agreement, the Company will record a non-cash, pre-tax charge of approximately $170.7 million in the second quarter of 2024 to reduce its accounts receivable balance from PREPA to the amount expected to be received from the Settlement Agreement.

About Mammoth Energy Services, Inc.
Mammoth is an integrated, growth-oriented energy services company focused on the providing products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves as well as the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. Mammoth's suite of services and products include: well completion services, infrastructure services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com.

Seems like they are dumping pos??

Common let it go up??

nice bid :)

Why is no one talking about this stock? Is everyone on iHub allergic to NASDAQ tickers?

$6.80 ;) not done yet

TUSK Weekly - Breakout Engulfing

Chart Breakout Alert

Scanner alert, chart internals, money flow strong

$1.22 going

NASDAQ:TUSK) today announced that it intends to release financial results for the first quarter of 2020 before the market open on May 11, 2020.

TUSK $1.18 A/H Friday Earnings Before Bell On Watch !!

Do you have any idea why this thing is dropping like it is?

$tusk..excellent close here off bottom..indicators curling north..shorts that showed up todzy will be sorry tomorrow...

$tusk just cleared $2.00..clear sailing now...

$tusk...$2.00..bears starting to lose there grip here..

$tusk..$2.00 falling quickly here..break it and $2.10 comes in a flash..

$tusk.. $2.00 falling hard here..chart curling higher here..

* * $TUSK Video Chart 11-04-2019 * *

Link to Video - click here to watch the technical chart video

* * $TUSK Video Chart 06-06-2019 * *

Link to Video - click here to watch the technical chart video

TUSK buy 32.47























normal chart




log chart