Company: GPOR
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-008043
Chunk: 261

Company: GULFPORT ENERGY CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7A
Chunk 261
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 shares of common stock into which, subject to redemption, such preferred stock would have been converted if such shares were converted pursuant to the Conversion Right at the time of such redemption and (ii) the Liquidation Preference (the “Redemption Price”).Following the Emergence Date, if there is a Fundamental Change (as defined in the Preferred Terms), Gulfport is required to redeem all, but not less than all, of the outstanding shares of preferred stock by cash payment of the Redemption Price per share of preferred stock within three (3) business days of the occurrence of such Fundamental Change. Notwithstanding the foregoing, in the event of a redemption pursuant to the preceding sentence, 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.Dividends and ConversionsDuring the years ended December 31, 2024, 2023 and 2022 the Company paid $4.2 million, $4.8 million and $5.4 million, respectively, of cash dividends to holders of our preferred stock.

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Table of ContentsIndex to Financial Statements

The following table summarizes activity of the Company’s preferred stock for the years ended December 31, 2024 and 2023:Year Ended December 31, 2024Year Ended December 31, 2023Preferred stock, beginning of period44,214 52,295 Issuance of preferred stock— — Conversion of preferred stock(6,866)(8,081)Preferred stock, end of period37,348 44,214 

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.