Company: GPOR
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000874499-25-000006
Chunk: 126

Company: GULFPORT ENERGY CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 126
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holders' equity. On the Redemption Date, the Company redeemed the remaining 2,449 shares of preferred stock for cash totaling $31.3 million. Additionally, direct transaction-related costs of $1.1 million were incurred as part of the redemption. The excess of the cash settlement and direct transaction-related costs over the carrying value of the redeemed shares of preferred stock, totaling approximately $29.9 million, was treated as a deemed dividend and recorded as a reduction to retained earnings. The cash outflows related to the preferred stock redemption and associated fees are presented within financing activities on the consolidated statement of cash flows. The deemed dividend reduced net income available to common shareholders and impacted the calculation of earnings per share for the three and nine months ended September 30, 2025. The following table summarizes activity of the Company’s preferred stock for the nine months ended September 30, 2025 and 2024: 20252024Preferred stock as of January 137,348 44,214 Conversion of preferred stock(4,461)(11)Preferred stock as of March 3132,887 44,203 Conversion of preferred stock(1,531)(415)Preferred stock as of June 3031,356 43,788 Conversion of preferred stock(28,907)(43)Redemption of preferred stock(2,449)— Preferred stock as of September 30— 43,745 

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