Unit Corporation moves ahead after 2020 Chapter 11
Unit Corporation provided an update this week on its recovery from its 2020 Chapter 11 bankruptcy.
The update by the Tulsa-based company concerned the company’s Warrant Agreement with American Stock Transfer & Trust Company, LLC governing the terms of the warrants contemplated to be issued according to the bankruptcy plan. Unit stated in a filing with the SEC that as of this week, it had issued 1,822,203 warrants.
Pursuant to the terms of the warrant agreement, the company has determined that the initial exercise price of the Warrants shall be $63.74. On April 7, 2022, Unit delivered notice of the initial exercise price to the warrant agent and the warrants became exercisable for shares of the company’s common stock.
Each warrant not exercised by the expiration date of September 3, 2027 will expire, and all rights under the warrants and the warrant agreement will cease on the expiration date.
Unit filed Chapter 11 on May 22, 2022 and emerged from reorganization bankruptcy on September 3, 2020.
Click here for SEC filing