Company: GPOR
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001628280-25-038172
Chunk: 60

Company: GULFPORT ENERGY CORP
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 if Gulfport lacks sufficient cash to redeem all outstanding shares of preferred stock, the Company is required to redeem a pro rata portion of each holder’s shares of preferred stock. The preferred stock has no stated maturity and will remain outstanding indefinitely unless repurchased or redeemed by Gulfport or converted into common stock.The preferred stock has been classified as mezzanine equity in the accompanying consolidated balance sheets due to the redemption features noted above. 

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Dividends and ConversionsThe Company paid $0.8 million and $1.7 million of cash dividends to holders of our preferred stock during the three and six months ended June 30, 2025, respectively, and $1.1 million and $2.2 million during the three and six months ended June 30, 2024, respectively. The following table summarizes activity of the Company’s preferred stock for the six months ended June 30, 2025 and 2024:Six Months Ended June 30, 2025Six Months Ended June 30, 2024Preferred stock, beginning of period37,348 44,214 Conversion of preferred stock(5,992)(426)Preferred stock, end of period31,356 43,788 

6.EQUITY

In May 2021, the Company filed an amended and restated certificate of incorporation with the Delaware Secretary of State to provide for, among other things, (i) the authority to issue 42 million shares of common stock with a par value of $0.0001 per share and (ii) the designation of 110,000 shares of preferred stock, with a par value of $0.0001 per share and a Liquidation Preference of $1,000 per share.Common StockIn May 2021, Gulfport issued approximately 19.8 million shares of common stock and 1.7 million shares of common stock were issued to the Disputed Claims Reserve.In January 2024, the remaining 62,000 shares in the Disputed Claims Reserve were issued to certain claimants. There are no remaining shares in the Disputed Claims Reserve subsequent to the January 2024 issuance.Share Repurchase ProgramIn November 2021 the Company's Board of Directors approved the Repurchase Program to acquire up to $100 million of common stock, which was subsequently increased to $1.0 billion and extended through December 31, 2025. Purchases under the Repurchase Program may be made from time to time in open