# EDGAR Filing Document

**Accession Number:** 0001921603
**File Stem:** 0001104659-25-061303
**Filing Date:** 2025-6
**Character Count:** 15849
**Document Hash:** 4ee47e0d55d1eb499026c73fd9450384
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-061303.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001104659-25-061303

**CONFORMED SUBMISSION TYPE**: SC TO-T/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**GROUP MEMBERS**: WHITEHAWK ACQUISITION, INC

**GROUP MEMBERS**: WHITEHAWK MERGER SUB, INC.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PHX MINERALS INC.
- **CENTRAL INDEX KEY:** 0000315131
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 731055775
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-57849
- **FILM NUMBER:** 251062847

**BUSINESS ADDRESS:**
- **STREET 1:** 1320 SOUTH UNIVERSITY DRIVE
- **STREET 2:** SUITE 720
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107
- **BUSINESS PHONE:** 4059481560

**MAIL ADDRESS:**
- **STREET 1:** 1320 SOUTH UNIVERSITY DRIVE
- **STREET 2:** SUITE 720
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PANHANDLE OIL & GAS INC
- **DATE OF NAME CHANGE:** 20070509

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PANHANDLE ROYALTY CO
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WhiteHawk Income Corp
- **CENTRAL INDEX KEY:** 0001921603

**ORGANIZATION NAME:**
- **EIN:** 880862160
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-T/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103
- **BUSINESS PHONE:** 917 691-9676

**MAIL ADDRESS:**
- **STREET 1:** 2400 MARKET STREET
- **STREET 2:** OFFSITE SUITE 230
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19103

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### Amendment No. 1 to

### Schedule TO

#### Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of the Securities Exchange Act of 1934

### PHX Minerals Inc.
(Name of Subject Company (Issuer))

### WhiteHawk Merger Sub, Inc.
a wholly owned subsidiary of

### WhiteHawk Acquisition, Inc.
(Names of Filing Persons (Offerors))

### WhiteHawk Income Corporation
(Names of Filing Persons (Other))

#### Common Stock, $0.01666 par value per share
(Title of Class of Securities)

#### 69291A100
(CUSIP Number of Class of Securities)

#### Copies to:

#### Daniel Herz Chief Executive Officer WhiteHawk Income Corporation 2000 Market Street, Suite 910 Philadelphia, PA 19103 Telephone: (610) 484-3412

#### Copy to:

#### James R. Griffin, Esq. Claudia Lai, Esq. Weil, Gotshal & Manges LLP 200 Crescent Court, Suite 300 Dallas, TX 75201 Telephone: (214) 749-7779
(Name, address, and telephone number of person authorized to receive notices and communications on behalf of filing persons)

☐

Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☒

Third-party tender offer subject to Rule 14d-1.

☐

Issuer tender offer subject to Rule 13e-4.

☐

Going-private transaction subject to Rule 13e-3.

☐

Amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☒

If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon:

☐

Rule 13e-4(i) (Cross-Border Issuer Tender Offer)

☐

Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)

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This Amendment No. 1 ("Amendment No. 1") amends and supplements the Tender Offer Statement on Schedule TO (the "Schedule TO") initially filed with the Securities and Exchange Commission by WhiteHawk Merger Sub, Inc., a Delaware corporation ("Purchaser"), WhiteHawk Acquisition, Inc., a Delaware corporation ("Parent"), and WhiteHawk Income Corporation, a Delaware corporation ("WhiteHawk") on May 22, 2025, pursuant to Rule 14d-1 under the Securities and Exchange Act of 1934, as amended, in connection with Purchaser's offer to purchase all of the issued and outstanding shares of common stock, par value $0.01666 per share (the "Shares"), of PHX Minerals Inc., a Delaware corporation ("PHX"), at a purchase price of $4.35 per share (the "Offer Price"), net to the seller in cash, without interest thereon and subject to any applicable tax withholding, upon the terms and subject to the conditions of the Offer to Purchase, dated May 22, 2025, and the related Letter of Transmittal, copies of which are attached to the Schedule TO as Exhibits (a)(1)(A) and (a)(1)(B), respectively (which as they may be amended or supplemented from time to time, together constitute the "Offer").

This Amendment No. 1 is being filed to amend and supplement certain provisions of the Schedule TO as set forth herein. Except as amended hereby to the extent specifically provided herein, all terms of the Offer and all other disclosures set forth in the Schedule TO and the Exhibits thereto remain unchanged and are hereby expressly incorporated into this Amendment No. 1 by reference.

#### Items 1 through 9 and Item 11.
Items 1 through 9 and Item 11 of the Schedule TO are hereby amended and supplemented by adding the following:

"The Offer and withdrawal rights expired as scheduled at 12:00 midnight, New York City Time, at the end of June 20, 2025 (such date and time, the "Expiration Time"), without being extended. Computershare Trust Company, N.A., the depositary for the Offer (the "Depositary"), has advised that, as of the Expiration Time: (i) 28,806,761 Shares (excluding Shares tendered pursuant to guaranteed delivery procedures that are not yet delivered in settlement or satisfaction of such guarantee) had been validly tendered and not properly withdrawn pursuant to the Offer, representing approximately 73.7% of the aggregate number of issued and outstanding Shares as of the Expiration Time. Accordingly, the number of Shares validly tendered and not withdrawn pursuant to the Offer satisfies the Minimum Condition. As a result of the satisfaction of the Minimum Condition and each of the other conditions to the Offer, Purchaser has accepted for payment all Shares that were validly tendered and not properly withdrawn pursuant to the Offer. In addition, the Depositary has advised that, as of the Expiration Time, 50,315 Shares have been tendered by Notice of Guaranteed Delivery, representing approximately 0.1% of the aggregate number of then issued and outstanding Shares.

As a result of its acceptance of the Shares tendered pursuant to the Offer and in accordance with Section 251(h) of the DGCL, Purchaser owns at least the percentage of Shares that would be required to adopt the Merger Agreement by a vote of the stockholders of PHX. Pursuant to Section 251(h) of the DGCL, subject to the satisfaction of the remaining conditions set forth in the Merger Agreement, Parent and Purchaser intend to complete the acquisition of PHX through the Merger as promptly as practicable without a meeting of stockholders of PHX in accordance with the terms of the Merger Agreement. At the effective time of, and as a result of, the Merger, each Share issued and outstanding immediately prior to the effective time of the Merger (other than (i) Shares owned by any stockholders who have properly demanded their appraisal rights in accordance with Section 262 of the DGCL, (ii) Shares owned directly by PHX (or any wholly owned subsidiary of PHX), Parent, Purchaser or any of their respective affiliates and (iii) PHX Restricted Shares) will be converted into the right to receive the Offer Price, in cash, without interest thereon and subject to any required tax withholding.

Following the Merger, the Shares will no longer be listed on the New York Stock Exchange."

**ITEM 12.** *Exhibits.* 

Item 12 is hereby amended and supplemented by adding the following exhibit:

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| | |
|:---|:---|
| **Exhibit No.**  | **Description**  |
| (a)(5)(B) | [Press release issued by WhiteHawk Income Corporation on June 21, 2025.](tm2515587d2_exh-a5b.htm)  |

---

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#### SIGNATURES
After due inquiry and to the best knowledge and belief of the undersigned, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: June 23, 2025

#### WhiteHawk Merger Sub, Inc.
By:

/s/ Jeffrey Slotterback

Name: Jeffrey Slotterback

Title: President

#### WhiteHawk Acquisition, Inc.
By:

/s/ Jeffrey Slotterback

Name: Jeffrey Slotterback

Title: President

#### WhiteHawk Income Corporation
By:

/s/ Jeffrey Slotterback

Name: Jeffrey Slotterback

Title: Chief Financial Officer

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## Ex-99.(A)(5)(B)

#### Exhibit (a)(5)(B)

#### WhiteHawk Completes Tender Offer for Acquisition of PHX
**PHILADELPHIA, PA — June 21, 2025 —** WhiteHawk Income Corporation (together with WhiteHawk Energy, LLC and their respective subsidiaries, "WhiteHawk" or the "Company") announced that a majority of the outstanding shares of common stock, par value $0.01666 per share (the "Shares"), of PHX Minerals Inc. ("PHX") (NYSE: PHX) were validly tendered and the other conditions to the tender offer have been satisfied. WhiteHawk anticipates the acquisition of PHX will be consummated by WhiteHawk in accordance with, and subject to the terms of, the definitive agreement for the acquisition on Monday, June 23, 2025. Computershare Trust Company, N.A., the depositary for the tender offer, has indicated that as of 12:00 Midnight, Eastern time, at the end of June 20, 2025, approximately 28,806,761 total Shares, or 73.7% of the total Shares issued and outstanding, have been tendered into and not properly withdrawn from the tender offer. This figure does not include 50,315 Shares tendered pursuant to the guaranteed delivery procedures set forth in the Offer to Purchase. When the 50,315 Shares tendered pursuant to the guaranteed delivery procedures are included in the results, approximately 28,857,076 total Shares, or 73.8% of the total Shares issued and outstanding, will have been tendered into and not properly withdrawn from the tender offer.

#### About WhiteHawk Energy, LLC
WhiteHawk Energy, LLC is focused on acquiring mineral and royalty interests in top-tier natural gas resource plays, including the Marcellus Shale and Haynesville Shale. The management team at WhiteHawk Energy has successfully grown over $13 billion of minerals, midstream, and exploration and development companies over the last 20 years. WhiteHawk Energy currently manages approximately 1,350,000 gross unit acres within core operating areas of the Marcellus Shale and Haynesville Shale, with interests in more than 3,400 producing horizontal wells. Please go to www.whitehawkenergy.com for more information.

#### About PHX Minerals Inc.
PHX Minerals is a natural gas and oil mineral company with a strategy to proactively grow its mineral position in its core focus areas. PHX owns mineral acreage principally located in Oklahoma, Texas, Louisiana, North Dakota and Arkansas. Additional information on the Company can be found at www.phxmin.com.

#### Cautionary Statement Regarding Forward-Looking Statements
This document contains certain forward-looking statements about WhiteHawk and PHX, including statements that involve risks and uncertainties concerning WhiteHawk's proposed acquisition of PHX, anticipated customer benefits and general business outlook. When used in this document, the words "anticipates," "can," "will," "look forward to," "expected" and similar expressions and any other statements that are not historical facts are intended to identify those assertions as forward-looking statements. Any such statement may be influenced by a variety of factors, many of which are beyond the control of WhiteHawk or PHX, that could cause actual outcomes and results to be materially different from those projected, described, expressed or implied in this document due to a number of risks and uncertainties. Potential risks and uncertainties include, among others, (i) the possibility that the transaction will not close or that the closing may be delayed, (ii) the anticipated synergies of the combined companies may not be achieved after closing, (iii) the combined operations may not be successfully integrated in a timely manner, if at all, (iv) general economic conditions in regions in which either company does business, and (v) the possibility that WhiteHawk or PHX may be adversely affected by other economic, business, and/or competitive factors. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of WhiteHawk or PHX.

In addition, please refer to the documents that PHX files with the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K, 10-Q and 8-K. These filings identify and address other important factors that could cause PHX's operational and other results to differ materially from those contained in the forward-looking statements set forth in this document. You are cautioned to not place undue reliance on forward-looking statements, which speak only as of the date of this document. Neither WhiteHawk nor PHX is under any duty to update any of the information in this document.

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#### Additional Information about the Acquisition and Where to Find It
This document is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of PHX, nor is it a substitute for the tender offer materials that WhiteHawk and its acquisition subsidiary will file and have filed with the SEC relating to the tender offer. The tender offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase, a related Letter of Transmittal and other offer materials) filed by WhiteHawk with the U.S. Securities and Exchange Commission ("SEC") on May 22, 2025, as amended from time to time. In addition, on May 22, 2025, PHX filed a Solicitation/Recommendation statement on Schedule 14D-9 with the SEC related to the tender offer. The tender offer materials (including an Offer to Purchase, a related Letter of Transmittal and certain other tender offer documents) and the Solicitation/Recommendation Statement contain important information. Holders of shares of PHX are urged to read these documents The Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, have been made available to all holders of shares of PHX at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement are available for free at the SEC's web site at www.sec.gov.

In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement, PHX files annual, quarterly and special reports and other information with the SEC. You may read and copy any reports or other information filed by PHX at the SEC public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the Commission at 1-800-SEC-0330 for further information on the public reference room. PHX's filings with the SEC are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.

#### Contacts
Corporate Relations

jslotterback@whitehawkenergy.com

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