New Concept Energy Inc. (NYSEAMERICAN: GBR) shares surged 37.79% after-hours Tuesday to $1.03 after a Securities and Exchange Commission filing disclosed plans to issue 2 million shares at a minimum of $1.00 per share to related-party investor Realty Advisors, Inc.
Strategic Capital Infusion
The SEC filing, filed Tuesday, reports that the agreement was entered on Monday. The deal requires majority stockholder approval and NYSE American exchange clearance before completion.
According to the SEC filing, New Concept Energy is aiming to secure a stockholder vote before the end of the second quarter, though there is no guarantee it will be approved.
Following failed U.S.-Iran talks in Islamabad, Pakistan, Strait of Hormuz supply disruption fears have also buoyed GBR, an energy company with oil and gas operations in the Appalachian and Utica basins.
What Investors Need To Know
Realty Advisors already holds at least 400,000 New Concept Energy …
