# EDGAR Filing Document

**Accession Number:** 0000788965
**File Stem:** 0001104659-26-003347
**Filing Date:** 2026-1
**Character Count:** 195555
**Document Hash:** ba16eb8965d30e0e2336f87aeb576795
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-003347.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0001104659-26-003347

**CONFORMED SUBMISSION TYPE**: 424B5

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20260113

**DATE AS OF CHANGE**: 20260113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HALLADOR ENERGY CO
- **CENTRAL INDEX KEY:** 0000788965
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 841014610
- **STATE OF INCORPORATION:** CO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B5
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292694
- **FILM NUMBER:** 26530330

**BUSINESS ADDRESS:**
- **STREET 1:** 1183 EAST CANVASBACK DRIVE
- **CITY:** TERRE HAUTE
- **STATE:** IN
- **ZIP:** 47802
- **BUSINESS PHONE:** 303-839-5504

**MAIL ADDRESS:**
- **STREET 1:** 1183 EAST CANVASBACK DRIVE
- **CITY:** TERRE HAUTE
- **STATE:** IN
- **ZIP:** 47802

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HALLADOR PETROLEUM CO
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KIMBARK OIL & GAS CO /CO/
- **DATE OF NAME CHANGE:** 19900102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KIMBARK INC
- **DATE OF NAME CHANGE:** 19860624

**Filed Pursuant to Rule 424(b)(5)<br> Registration No. 333-292694**

**The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission and is effective. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and they are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale thereof is not permitted.**

**Subject to Completion, dated January 13, 2026**

**Preliminary Prospectus Supplement<br> (To prospectus dated January 13, 2026)**

**$50,000,000**

![](tm263038d2_424b5img001.jpg)

*Hallador Energy Company*

*Common Stock*

We are offering $50,000,000 in shares of our common stock, par value $0.01 per share. Our common stock is listed on The Nasdaq Capital Market under the symbol "HNRG." On January 12, 2026, the last reported sale price of our common stock on The Nasdaq Capital Market was $20.29 per share.

We intend to use the proceeds from this offering for general corporate purposes which may include the funding of certain initial financial commitments in connection with the Company's planned additional natural gas generating facility. See "Use of Proceeds."

***Investing in our common stock involves risks. See "Risk Factors" beginning on page S-5 of this prospectus supplement and the risks discussed under similar headings in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus, and any free writing prospectus that we have authorized for use in connection with this offering.***

***Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or accompanying prospectus. Any representation to the contrary is a criminal offense.***

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Public Offering Price | $| $|
| Underwriting Discounts and Commissions<sup>(1)</sup> | $| $|
| Proceeds, before expenses, to us | $| $|

---

<sup>(1)</sup> We have agreed to reimburse the underwriters for certain expenses. We refer you to "Underwriting" beginning on page S-13 for additional information regarding total underwriting compensation.

We have granted the underwriters an option for a period of 30 days to purchase up to an additional $7,500,000 in shares of our common stock. If the underwriters exercise the option in full, the total underwriting discounts and commissions payable by us will be $, and the total proceeds to us, before expenses, will be $.

Each of Zarrell Gray and Charles R. Wesley, IV, each a member of our board of directors, has indicated an interest in purchasing shares of our common stock in this offering at the public offering price with an aggregate value of up to $1,250,000. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, fewer or no shares in this offering to such directors, or such directors may determine to purchase more, fewer or no shares in this offering. The underwriters will receive the same underwriting discounts and commissions on any shares of common stock purchased by such directors as they will from the other shares of common stock sold in this offering.

Delivery of the shares of common stock is expected to be made on or about , 2026.

*Sole Bookrunner*

**Texas Capital Securities**

*Co-Manager*

**Northland Capital Markets**

The date of this prospectus supplement is , 2026.

**TABLE OF CONTENTS**

**Prospectus Supplement**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS SUPPLEMENT](#a_001) | [S-ii](#a_001) |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#a_002) | [S-iii](#a_002) |
| [PROSPECTUS SUPPLEMENT SUMMARY](#a_003) | [S-1](#a_003) |
| [THE OFFERING](#a_004) | [S-4](#a_004) |
| [RISK FACTORS](#a_005) | [S-5](#a_005) |
| [USE OF PROCEEDS](#a_006) | [S-7](#a_006) |
| [DIVIDEND POLICY](#a_007) | [S-8](#a_007) |
| [MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES](#a_008) | [S-9](#a_008) |
| [UNDERWRITING](#a_009) | [S-13](#a_009) |
| [LEGAL MATTERS](#a_010) | [S-22](#a_010) |
| [EXPERTS](#a_011) | [S-22](#a_011) |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_012) | [S-23](#a_012) |
| [INCORPORATION OF DOCUMENTS BY REFERENCE](#a_013) | [S-23](#a_013) |

---

**Prospectus**

---

| | |
|:---|:---|
|  | **Page** |
| [**ABOUT THIS PROSPECTUS**](#B_001) | [**1**](#B_001) |
| [**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**](#B_002) | [**2**](#B_002) |
| [**PROSPECTUS SUMMARY**](#B_003) | [**4**](#B_003) |
| [**RISK FACTORS**](#B_004) | **[5](#B_004)** |
| [**USE OF PROCEEDS**](#B_005) | **[6](#B_005)** |
| [**DESCRIPTION OF SECURITIES WE MAY OFFER**](#B_006) | **[7](#B_006)** |
| [**DESCRIPTION OF CAPITAL STOCK**](#B_007) | **[8](#B_007)** |
| [**DESCRIPTION OF DEBT SECURITIES**](#B_008) | **[10](#B_008)** |
| [**DESCRIPTION OF DEPOSITARY SHARES**](#B_009) | [**18**](#B_009) |
| [**DESCRIPTION OF WARRANTS**](#B_010) | [**19**](#B_010) |
| [**DESCRIPTION OF SUBSCRIPTION RIGHTS**](#B_011) | [**20**](#B_011) |
| [**DESCRIPTION OF PURCHASE CONTRACTS**](#B_012) | [**21**](#B_012) |
| [**DESCRIPTION OF UNITS**](#B_013) | [**22**](#B_013) |
| [**PLAN OF DISTRIBUTION**](#B_014) | [**23**](#B_014) |
| [**LEGAL MATTERS**](#B_015) | [**25**](#B_015) |
| [**EXPERTS**](#B_016) | [**25**](#B_016) |
| [**WHERE YOU CAN FIND MORE INFORMATION**](#B_017) | [**26**](#B_017) |
| [**INFORMATION INCORPORATED BY REFERENCE**](#B_018) | [**26**](#B_018) |

---

Neither we nor the underwriters have authorized anyone to provide you with any information other than the information contained in this prospectus supplement and the accompanying prospectus, including the documents incorporated by reference herein and therein, and any free writing prospectus we have authorized for use in connection with this offering. We take no responsibility for, and can provide no assurances as to the reliability of, any other information that others may give you. You should not assume that the information contained in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein or therein, and in any free writing prospectus that we have authorized for use in connection with this offering is accurate as of any date other than the date of those respective documents. Our business, financial condition, liquidity, results of operations and prospects may have changed since those dates. You should read this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein and therein, and any free writing prospectus that we have authorized for use in connection with this offering in their entirety before making an investment decision. You should also read and consider the information in the documents to which we have referred you in the sections of this prospectus supplement titled "Where You Can Find More Information" and "Incorporation of Documents by Reference."

For investors outside of the United States: We are not, and the underwriters are not, making offers to sell these securities in any jurisdiction in which an offer or solicitation is not authorized or permitted or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such an offer or solicitation.

**ABOUT THIS PROSPECTUS SUPPLEMENT**

This prospectus supplement is part of the registration statement that we filed with the Securities and Exchange Commission (the "SEC") using a "shelf" registration process pursuant to which we may, from time to time, sell common stock or other securities, of which this offering is a part. This document consists of two parts. The first part is this prospectus supplement, including the documents incorporated by reference, which describes the specific terms of this offering and also adds to and updates the information contained in the accompanying prospectus and the documents incorporated by reference therein. The second part, the accompanying prospectus, including the documents incorporated by reference, gives more general information, some of which may not apply to this offering. Generally, when we refer to the "prospectus," we are referring to both parts combined. This prospectus supplement and any free writing prospectus we authorize for use in connection with this offering may add to, update or change information in the accompanying prospectus and the documents incorporated by reference into this prospectus supplement or the accompanying prospectus.

If information in this prospectus supplement is inconsistent with information contained in the accompanying prospectus or in any document incorporated by reference herein or therein that was filed with the SEC before the date of this prospectus supplement, the information in this prospectus supplement will be deemed to modify or supersede the information contained in the accompanying prospectus and such documents incorporated by reference herein or therein. This prospectus supplement, the accompanying prospectus, the documents incorporated by reference into each and any free writing prospectus we authorize for use in connection with this offering include important information about us, the shares of our common stock and other information you should consider before purchasing the shares of our common stock. See "Where You Can Find More Information" and "Incorporation of Documents by Reference" in this prospectus supplement for additional information.

This prospectus supplement and accompanying prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in this prospectus supplement and accompanying prospectus or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. Persons outside the United States who come into possession of this prospectus supplement and the accompanying prospectus must inform themselves about, and observe any restrictions relating to, the offering of the common stock and the distribution of this prospectus supplement and accompanying prospectus outside the United States.

We further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference herein were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties and covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.

When we refer to "Hallador," the "Company," "we," "our" and "us" in this prospectus supplement and accompanying prospectus, we mean Hallador Energy Company and its consolidated subsidiaries, unless otherwise specified.

S-ii

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements and information in this prospectus, any prospectus supplement and any related free writing prospectus, including the information incorporated by reference herein and therein may constitute "forward-looking statements." These statements are based on our beliefs as well as assumptions made by, and information currently available to us. When used in this document, the words "anticipate," "believe," "continue," "estimate," "expect," "forecast," "may," "project," "will," and similar expressions identify forward-looking statements. Without limiting the foregoing, all statements relating to our future outlook, anticipated capital expenditures, future cash flows and borrowings and sources of funding are forward-looking statements. These statements reflect our current views with respect to future events and are subject to numerous assumptions that we believe are open to a wide range of uncertainties and business risks, and actual results may differ materially from those discussed in these statements. Among the factors that could cause actual results to differ from those in the forward-looking statements are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in macroeconomic and market conditions and market volatility, and the impact of such changes
 and volatility on our financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations
 in weather, gas and electricity commodity costs, inflation and economic conditions impact
 demand of our customers and our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 outcome or escalation of current hostilities in Ukraine, Israel and Venezuela;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in competition in electricity or coal markets and our ability to respond to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in coal or electricity prices, demand, and availability which could affect our operating
 results and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with the expansion of our operations and properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to the ERAS program review and approval process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to our ability to secure agreements in support of the development and construction
 of planned projects, including the expansion of our Merom Generating Station;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· legislation,
 regulations, administrative actions (e.g., Executive Orders), and court decisions and interpretations
 thereof, including those relating to the environment and the release of greenhouse gases,
 mining, miner health and safety, and health care, as well as those relating to data privacy
 protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· deregulation
 of the electric utility industry or the effects of any adverse change in the coal industry,
 electric utility industry, or general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dependence
 on significant or long-term customer contracts, including renewing customer contracts upon
 expiration of existing contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changing
 global economic conditions or the geopolitical environment in industries in which our customers
 operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in attitude toward environmental, social, and governance ("ESG") matters among
 regulators, investors and parties with which we do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 effect of changes in taxes or tariffs and other trade measures, including the recent implementation
 of higher tariffs on imports into the United States, which could impact the Company's
 procurement and sourcing strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to inflation and increasing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· liquidity
 constraints, including due to restrictions contained in our debt agreements and those resulting
 from any future unavailability of financing, including risks relating to our ability to refinance
 our existing credit agreement before its maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customer
 bankruptcies, a decline in customer creditworthiness, or customer cancellations or breaches
 to existing contracts, or other failures to perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customer
 delays, failure to take coal or electricity under contracts or defaults in making payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjustments
 made in price, volume or terms to existing coal supply and customer agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 productivity levels and margins earned on our coal or electricity sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· supply
 chain disruptions and changes in equipment, raw material, service or labor costs or availability,
 including due to inflationary pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in the availability of skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 ability to maintain satisfactory relations with our employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increases
 in labor costs, adverse changes in work rules, or cash payments or projections associated
 with workers' compensation claims;

S-iii

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increases
 in transportation costs and risk of transportation delays or interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operational
 interruptions due to geologic, permitting, labor, weather-related or other factors, including
 challenges in operating an aging coal-fired power plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with major mine-related or other accidents, mine fires, mine floods or other interruptions,
 including unanticipated operating conditions and other events that are not within our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· results
 of litigation, including claims not yet asserted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 maintaining our surety bonds for mine reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· decline
 in or change in the coal industry's share of electricity generation, including as a
 result of environmental concerns related to coal mining and combustion and the cost and perceived
 benefits of other sources of electricity, such as natural gas, nuclear energy, and renewable
 fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 resulting from climate change or natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 in making accurate assumptions and projections regarding post-mine reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainties
 in estimating and replacing our coal reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of current and potential changes to federal or state tax rules and regulations,
 including the effects of the OBBBA or a loss or reduction of benefits from certain tax deductions
 and credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 obtaining commercial property insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· evolving
cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches
by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical
breaches or other actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 in making accurate assumptions and projections regarding future revenues and costs associated
 with equity investments in companies we do not control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 future pandemics and their impacts, both in their intrinsic severity and in the political
 and social responses to them, which could affect, among other things, our operations and
 personnel, the demand for coal, the financial condition of our customers and suppliers and
 available liquidity and capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other
 factors, including those discussed in "Item 1A. Risk Factors" in our most recent
 annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q.

We qualify all of the forward-looking statements contained in this prospectus, in the documents incorporated by reference herein and in any prospectus supplement by these cautionary statements. These forward-looking statements speak only as of the date on which the statements were made and are not guarantees of future performance. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to review any additional disclosures we make in the documents we subsequently file with the SEC that are incorporated by reference in this prospectus and any prospectus supplement. See "Where You Can Find More Information."

S-iv

**PROSPECTUS SUPPLEMENT SUMMARY**

*This summary highlights certain information about us, this offering and selected information contained elsewhere in or incorporated by reference into this prospectus supplement or the accompanying prospectus. This summary is not complete and does not contain all of the information that you should consider before deciding whether to invest in our common stock. For a more complete understanding of our Company and this offering, we encourage you to read and consider carefully the more detailed information in this prospectus supplement and the accompanying prospectus, including the information incorporated by reference in this prospectus supplement and the accompanying prospectus, and the information included in any free writing prospectus that we have authorized for use in connection with this offering, including the information under the heading "Risk Factors" in this prospectus supplement on page S-5, the financial statements and related notes, and the other information that we incorporate by reference into this prospectus supplement, including the section "Risk Factors" in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q.*

**Overview**

Hallador Energy Company is a vertically integrated power and coal company with operations primarily in Indiana. The Company operates across multiple stages of the energy supply chain, from coal extraction to electricity.

Sunrise Coal, LLC ("Sunrise"), the Company's wholly-owned mining subsidiary, mines coal from reserves found in the Illinois Basin ("ILB"). Coal mined by Sunrise is used as a primary fuel source for generating electricity at various power plants in the Midwest and Southeast United States. In addition, Sunrise has a developed infrastructure for the transport of coal, which is typically sold free on board from the shipping point, including rail networks and truck loading systems, facilitating the efficient movement of the resource from the mine to its customers.

Through its wholly-owned subsidiary Hallador Power, LLC ("Hallador Power"), the Company owns and operates the Merom Power Plant ("Merom"), a 1,080 MW coal fired power generating station, consisting of two steam turbine generators. Unit 1 entered commercial operations in 1982 and Unit 2 in 1983. The units are dispatched through the Midcontinental Independent System Operator ("MISO") interconnection. Hallador Power sells wholesale energy and accredited capacity to utilities and other electricity market participants within the MISO system through power purchase agreements ("PPA") and other bilateral transactions, and sells on a spot basis in the day-ahead and real time MISO markets. Merom is located in Sullivan County, Indiana, about twenty miles from Sunrise's Oaktown Mining Complex, enabling Merom and Sunrise to take advantage of low-cost fuel on a delivered basis.

The vertically integrated structure allows the Company to control the entire process, from mining to power production, providing cost efficiencies, greater operational flexibility, and the ability to manage supply and demand volatility within the energy market. Hallador Power has invested in technologies to reduce emissions and improve the environmental performance of coal-fired generation, in compliance with environmental regulations.

**Recent Developments**

*ERAS Program*

On November 3, 2025, Hallador Power submitted an application to MISO's Expedited Resource Addition Study (ERAS) program (the "ERAS program") to obtain an interconnection that would allow the Company to add up to an additional 515 MW of natural gas generation adjacent to Hallador Power's Merom Generating Station. On December 22, 2025, the Company received notice from MISO that its ERAS program application had been accepted by MISO, which is expected to move the Company into a 6- to 9-month MISO review and approval process to gain access to the power grid versus the traditional 4.5-year process. While the acceptance of the ERAS application for review does not guarantee that the Company's application will ultimately be approved by MISO or, if approved, that the Company will be able to add the additional 515 MW of natural gas generation, or any additional generation, the Company is currently targeting the additional 515 MW of natural gas generation to come online late in 2028. Participation in the ERAS program and construction and development of additional generation is capital intensive and includes construction, operational, financial, regulatory and legal risks that could impact the project's viability and/or timeline, and the Company's failure to achieve all or any of the targeted benefits of the ERAS program could have a material adverse effect on the Company's business, financial condition and/or results of operations. See "Risk Factors." In the near term in advance of any MISO approvals, the Company expects to make certain financial commitments with equipment manufacturers to reserve certain equipment that are necessary to support the Company's planned additional natural gas generating facility.

*Credit Agreement Refinancing*

On January 7, 2026, the Company received separate and several commitments from each of Texas Capital Bank and Old National Bank, which commitments, in the aggregate, provide for (i) a senior secured revolving credit facility in an aggregate principal amount of up to $75.0 million (the "Revolving Facility") and (ii) a delayed draw term facility in an aggregate principal amount of up to $45.0 million (the "Delayed Draw Term Facility" and, together with the Revolving Facility, the "New Senior Credit Facilities"). The New Senior Credit Facilities will have a maturity date that will be three years from the date of closing of the New Senior Credit Facilities. The New Senior Credit Facilities will be guaranteed by certain of our subsidiaries and secured by substantially all of our assets and the assets of the guarantors thereunder, subject to certain customary exceptions. The Company believes the remaining terms of the New Senior Credit Facilities will be on market terms and conditions for similarly situated borrowers.

The proceeds of (a) the Revolving Facility will be used (i) to provide a portion of the refinancing of the obligations of the Company and our subsidiaries under that certain Fourth Amended and Restated Credit Agreement dated as of August 2, 2023 (as amended, restated, supplemented or otherwise modified, the "Existing Credit Agreement") by and among the Company, the guarantors party thereto, PNC Bank, National Association, as administrative agent (the "Existing Agent"), and the lenders party thereto (the "Refinancing"), under which the Company's existing revolving credit facility matures August 2, 2026 and the Company's existing term loan matures March 31, 2026, (ii) to pay fees and expenses incurred in connection with the Refinancing and the Senior Credit Facilities, and (iii) for ongoing working capital and general corporate purposes of the Company and our subsidiaries, and (b) the Delayed Draw Term Facility will be available to be used for ongoing working capital and general corporate purposes of the Company and our subsidiaries.

The commitments described above provide that entry into the New Senior Credit Facilities, which we are aiming to complete in the first quarter of 2026, is subject to certain conditions to closing, including negotiation of customary credit documents in form and substance satisfactory to the lenders, satisfactory completion and review of certain due diligence by the lenders and certain other customary conditions. We cannot guarantee that we will enter into the New Senior Credit Facilities on the expected timing or on the terms provided in the commitment or at all. This offering is not conditioned on our entrance into the New Senior Credit Facilities. As a result, it is possible this offering occurs but we do not enter into the New Senior Credit Facilities.

*Forward Sales*

The Company is making the below information available in connection with this offering, which has been previously made available on the Company's website.

![](tm263038d2_424b5img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Assumes approximately 6 million MWs
 of generation per year. See "Cautionary Statement Regarding Forward-Looking Statements."

&nbsp;&nbsp;&nbsp;&nbsp;(2) Hedged position in 2027 increased to
 51% as of December 31, 2025.

![](tm263038d2_424b5img003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) 2025 & 2026 energy
 pricing reflects Hallador's contracted forward sales book as of September 30, 2025. Energy
 pricing for 2027-2034 reflects the forward curve as of September 2025. Merom Margin/Profit Opportunity
 shown excludes potential long-term PPA currently under negotiation.

**Corporate Information**

Our principal executive offices are located at 1183 East Canvasback Drive, Terre Haute, Indiana. Our telephone number is (303) 839-5504, and our website address is www.halladorenergy.com. The website and the information contained therein or connected thereto are not incorporated into this prospectus supplement. Our common stock is listed on The Nasdaq Capital Market under the symbol "HNRG."

This prospectus supplement and all of our filings under the Exchange Act, including copies of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, are available free of charge through our website on the date we file those materials with, or furnish them to, the SEC. Such filings are also available to the public on the SEC's website at www.sec.gov.

**THE OFFERING**

---

| | |
|:---|:---|
| **Issuer** | Hallador Energy Company |
| **Common stock offered by us** | $50,000,000 in shares of our common stock (or $57,500,000 in shares of common stock, assuming the underwriters exercise in full their option to purchase additional shares as described below). |
| **Underwriters' option to purchase additional shares of common stock** | The underwriters have an option to purchase up to $7,500,000 in additional shares of common stock from us. The underwriters can exercise this option at any time within 30 days from the date of this prospectus supplement. See "*Underwriting*". |
| **Common stock to be outstanding immediately after the offering** | 46,184,947 shares (or 46,554,587 shares if the underwriters exercise in full their option to purchase additional shares of common stock), assuming a public offering price of $20.29, which was the closing price of our common stock on The Nasdaq Capital Market on January 12, 2026. |
| **Indications of Interest** | Each of Zarrell Gray and Charles R. Wesley, IV, each a member of our board of directors, has indicated an interest in purchasing shares of our common stock in this offering at the public offering price with an aggregate value of up to $1,250,000. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, fewer or no shares in this offering to any of such directors, or any of such directors may determine to purchase more, fewer or no shares in this offering. The underwriters will receive the same underwriting discounts and commissions on any shares of common stock purchased by such directors as they will from the other shares of common stock sold in this offering. |
| **Use of proceeds** | We expect to receive net proceeds from this offering of approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares from us in full), after deducting the underwriting discount and estimated offering expenses payable by us. We intend to use the net proceeds from this offering for general corporate purposes, which may include the funding of certain initial financial commitments in connection with the Company's planned additional natural gas generating facility. See "Recent Developments" and "Use of Proceeds" on page S-7 for additional information. |
| **Risk factors** | See "Risk Factors" beginning on page S-5 of this prospectus supplement and the other information included in, or incorporated by reference into, this prospectus supplement for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock. |
| **Nasdaq Capital Market symbol** | "HNRG" |

---

Except as otherwise indicated, all information in this prospectus supplement is based upon 43,720,679 shares of our common stock outstanding as of September 30, 2025 on a pro forma basis to give effect to 708,143 shares issued under our At Market Issuance Sales Agreement since September 30, 2025, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;· 798,143
 unvested shares of common stock issuable upon the vesting of outstanding restricted stock
 units as of September 30, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;· approximately
 1,897,451 shares of common stock reserved for issuance and available for future grant under
 our Second Amended and Restated 2008 Restricted Stock Unit Plan as of September 30,
 2025.

Except as otherwise indicated, all information in this prospectus supplement assumes no exercise or settlement of outstanding restricted stock units after September 30, 2025 and no exercise of the underwriters' option to purchase additional shares of common stock.

**RISK FACTORS**

*Investing in our common stock involves risk. Before deciding whether to invest in our common stock, you should consider carefully the risks and uncertainties described below. You should also consider the risks, uncertainties and assumptions discussed under the heading "Risk Factors" included in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the SEC and incorporated herein by reference, and which may be amended, supplemented or superseded from time to time by other reports we file with the SEC in the future. There may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that could have material adverse effects on our future results. If any of these risks actually occur, our business, business prospects, financial condition or results of operations could be seriously harmed. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. Please also read carefully the section above titled "Cautionary Statement Regarding Forward-Looking Statements."*

**Risks Related to Our Common Stock and This Offering**

***Our share price may be volatile, and you may be unable to sell your shares of common stock at or above the offering price.***

The market price of our common stock is likely to be volatile and could be subject to wide fluctuations in response to many risk factors listed in this section or incorporated by reference herein, and others beyond our control.

Furthermore, the stock markets have experienced price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes, tariffs, international currency fluctuations, or international conflicts may negatively impact the market price of our common stock. If the market price of our common stock after this offering does not exceed the public offering price, you may not realize any return on your investment in us and may lose some or all of your investment. In the past, companies that have experienced volatility in the market price of their stock have been subject to securities class action litigation. We may be the target of this type of litigation in the future. Securities litigation against us could result in substantial costs and divert our management's attention from other business concerns, which could seriously harm our business.

***We have broad discretion in the use of the net proceeds from this offering and our existing cash and may not use them effectively.***

Our management will have broad discretion in the application of the net proceeds from this offering, including for any of the purposes described in the section titled "Use of Proceeds," as well as our existing cash and cash equivalents, and you will be relying on the judgment of our management regarding such application. You will not have the opportunity, as part of your investment decision, to assess whether the net proceeds are being used appropriately. This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors, including the ERAS review and approval process and our planned additional natural gas-fired generating facility, and any unforeseen cash needs. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. Our management might not apply the net proceeds or our existing cash in ways that ultimately increase the value of your investment. If we do not invest or apply the net proceeds from this offering or our existing cash and cash equivalents in ways that enhance stockholder value, we may fail to achieve expected business and financial results, which could cause our stock price to decline. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities. These investments may not yield a favorable return to our stockholders.

***Future sales of our common stock in the public market, or the perception that such sales could occur, could cause our stock price to fall.***

The sale of a substantial number of shares of our common stock or other equity-related securities in the public markets, or the perception that such sales could occur, could depress the market price of our common stock and impair our ability to raise capital through the sale of additional equity securities. We may sell large quantities of our common stock at any time pursuant to this prospectus supplement or in one or more separate offerings. We cannot predict the effect that future sales of common stock or other equity-related securities would have on the market price of our common stock.

***If the estimates we make, or the assumptions on which we rely, in preparing our consolidated financial statements are incorrect, our actual results may vary from those reflected in our projections and accruals.***

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of our assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. We cannot assure you, however, that our estimates, or the assumptions underlying them, will be correct.

Further, from time to time we may issue financial guidance relating to our expectations for certain financial measures, which guidance is based on estimates and the judgment of management. If, for any reason, our expectations differ materially from our guidance, we may have to adjust our publicly announced financial guidance. If we fail to meet, or if we are required to change or update any element of, our publicly disclosed financial guidance or other expectations about our business, our stock price could decline.

***Participation in this offering by Zarrell Gray and Charles R. Wesley, IV could reduce the public float for our shares of common stock.***

Each of Zarrell Gray and Charles R. Wesley, IV, each a member of our board of directors, has indicated an interest in purchasing up to an aggregate of $1,250,000 in shares of our common stock in this offering at the public offering price and on the same terms as the other purchasers in this offering. Any shares so purchased by Mr. Gray and Mr. Wesley will be subject to a lock-up agreement with the underwriters. Because these indications of interest are not binding agreements or commitments to purchase, Mr. Gray and Mr. Wesley may determine to purchase more, less, or no shares in this offering, or the underwriters may determine to sell more, less, or no shares to Mr. Gray and Mr. Wesley. If Mr. Gray and Mr. Wesley are allocated all or a portion (or more) of the shares of common stock in which they have indicated an interest in purchasing in this offering, and purchase any such shares of common stock, such purchase could reduce the available public float for our shares of common stock because such stockholders may be restricted from selling the shares by restrictions under applicable securities laws. As a result, any purchase of shares of common stock by such affiliates in this offering may not improve, or may reduce or have no effect on, the liquidity of our common stock relative to what it would have been had these shares been purchased by investors that were not existing stockholders.

**Risks Related to Our Business**

***Participation in MISO's Expedited Resource Addition Study (ERAS) program may not achieve the benefits targeted by the Company and, if not successful, could have a material adverse effect on the Company's business, financial condition and/or results of operations.***

On November 3, 2025, Hallador Power submitted an application to MISO's Expedited Resource Addition Study (ERAS) program (the "ERAS program") to obtain an interconnection that would allow the Company to add up to an additional 515 MW of natural gas generation adjacent to Hallador Power's Merom Generating Station. On December 22, 2025, the Company received notice from MISO that its ERAS program application had been accepted by MISO, which is expected to move the Company into a 6- to 9-month MISO review and approval process to gain access to the power grid versus the traditional 4.5-year process.

MISO's acceptance of the ERAS application for review does not guarantee that the Company's application will ultimately be approved by MISO or, if approved, that the Company will be able to add additional 515 MW of natural gas generation, or any additional generation, to take advantage of the approved interconnection. Participation in the ERAS program and construction and development of additional generation is capital intensive and includes construction, operational, financial, regulatory and legal risks that could impact the project's viability and/or timeline, and the Company's failure to achieve all or any of the targeted benefits of the ERAS program could have a material adverse effect on the Company's business, financial condition and/or results of operations.

**USE OF PROCEEDS**

We estimate that the net proceeds from the sale of the shares of common stock that we are selling in this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $ million, or approximately $ million if the underwriters exercise in full their option to purchase up to additional shares of common stock.

We intend to use the net proceeds from this offering for general corporate purposes, which may include the funding of certain initial financial commitments to reserve equipment as necessary to support the Company's planned additional natural gas generating facility. See "Prospectus Supplement Summary—Recent Developments" for additional information.

This expected use of the net proceeds from this offering represents our intentions based upon our current plans and business conditions, which could change in the future as our plans and business conditions evolve. As of the date of this prospectus supplement, we cannot predict with certainty all of the particular uses for the proceeds to be received upon the completion of this offering, the actual amounts that we will spend on the uses set forth above, nor can we guarantee that the Company will maintain profitability. As a result, our management will retain broad discretion over the allocation of the net proceeds from this offering.

Pending the application of the net proceeds as set forth above, we intend to invest the net proceeds in short-term, interest-bearing, investment-grade securities.

**DIVIDEND POLICY**

We currently do not plan to declare dividends on shares of our common stock in the foreseeable future. We expect to retain our future earnings, if any, for use in the operation and expansion of our business. Payment of cash dividends, if any, in the future will be at the discretion of our board of directors and will depend on applicable law and then-existing conditions, including our financial condition, operating results, business prospects, capital requirements, contractual restrictions, U.S. tax regulations and other factors our board of directors may deem relevant.

**MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES**

The following is a summary of the material U.S. federal income tax considerations of the ownership and disposition of our common stock acquired in this offering by a "non-U.S. holder" (as defined below) but does not purport to be a complete analysis of all the potential tax considerations relating thereto. This summary is based upon the provisions of the Internal Revenue Code of 1986, as amended ("Code"), Treasury Regulations promulgated thereunder, administrative rulings and judicial decisions, all as of the date hereof. These authorities may be changed, possibly retroactively, so as to result in U.S. federal income tax consequences different from those set forth below. We have not sought, and do not intend to seek, any ruling from the Internal Revenue Service ("IRS") with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and conclusions.

This summary is limited to holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This summary also does not address the tax considerations arising under the laws of any non-U.S., state or local jurisdiction, under U.S. federal gift and estate tax rules or under any applicable tax treaty. In addition, this discussion does not address any potential application of the Medicare contribution tax on net investment income or any tax considerations applicable to an investor's particular circumstances or to investors that may be subject to special tax rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· banks,
 insurance companies, regulated investment companies, real estate investment trusts or other
 financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· tax-exempt
 organizations or accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pension
 plans and tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· controlled
 foreign corporations, passive foreign investment companies and corporations that accumulate
 earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· brokers
 or dealers in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· traders
 in securities that elect to use a mark-to-market method of accounting for their securities
 holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 that own, or are deemed to own, more than 5% of our capital stock (except to the extent specifically
 set forth below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· U.S.
 expatriates and certain other former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· partnerships
 (or entities or arrangements classified as such for U.S. federal income tax purposes), other
 pass-through entities, and investors therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 subject to the alternative minimum tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 who hold our common stock as a position in a hedging transaction, "straddle,"
 "conversion transaction" or other risk reduction transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 who hold or receive our common stock pursuant to the exercise of any employee stock option
 or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 subject to special tax accounting rules as a result of any item of gross income with
 respect to our common stock being taken into account in an "applicable financial statement"
 as defined in Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 who do not hold our common stock as a capital asset within the meaning of Section 1221
 of the Code (generally, property held for investment); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· persons
 deemed to sell our common stock under the constructive sale provisions of the Code.

In addition, if a partnership, entity or arrangement classified as a partnership or flow-through entity for U.S. federal income tax purposes holds our common stock, the tax treatment of a partner or beneficial owner generally will depend on the status of the partner or beneficial owner, the activities of the partnership or other entity, and certain determinations made at the partner or beneficial owner level. A partner or beneficial owner in a partnership or other such entity that will hold our common stock should consult his, her or its own tax advisor regarding the tax consequences of the purchase, ownership and disposition of our common stock through a partnership or other such entity, as applicable.

**You are urged to consult your tax advisor with respect to the application of the U.S. federal income tax laws to your particular situation, as well as any tax consequences of the purchase, ownership and disposition of our common stock arising under the U.S. federal gift or estate tax rules or under the laws of any state, local, non-U.S. or other taxing jurisdiction or under any applicable tax treaty.**

**Non-U.S. Holder Defined**

For purposes of this discussion, you are a "non-U.S. holder" if you are a beneficial owner of our common stock that, for U.S. federal income tax purposes, is not a partnership (including any entity or arrangement treated as a partnership and the beneficial owners thereof) or:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 corporation (or other entity treated as a corporation for U.S. federal income tax purposes),
 created in or organized under (or treated as created in or organized under) the law of the
 United States or any political subdivision thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 estate whose income is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 trust (1) whose administration is subject to the primary supervision of a U.S. court
 and that has one or more "United States persons" (within the meaning of Section 7701(a)(30)
 the Code) who have the authority to control all substantial decisions of the trust or (2) that
 has made a valid election under applicable Treasury Regulations to be treated as a United
 States person.

**Distributions**

As described in "Dividend Policy," we currently do not plan to declare dividends on shares of our common stock in the foreseeable future. However, if we do make distributions on our common stock, such distributions will generally constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. To the extent those distributions exceed both our current and our accumulated earnings and profits, the excess will constitute a return of capital and will first reduce your adjusted tax basis in our common stock (determined separately with respect to each share of our common stock), but not below zero, and then will be treated as capital gain from the sale of stock as described below in "— Gain on Disposition of Common Stock."

Subject to the discussions below on effectively connected income and in "— Backup Withholding and Information Reporting" and "— Foreign Account Tax Compliance Act (FATCA)," any dividend paid to you generally will be subject to U.S. federal withholding tax either at a rate of 30% of the gross amount of the dividend or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. In order to receive a reduced treaty rate, you must provide us (or the applicable withholding agent) with a properly executed IRS Form W-8BEN or W-8BEN-E or other appropriate version of IRS Form W-8 certifying qualification for the reduced rate. Under applicable Treasury Regulations, we may withhold up to 30% of the gross amount of the entire distribution even if the amount constituting a dividend, as described above, is less than the gross amount. If you are eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty and do not timely provide us with such documentation, you may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. If you hold our common stock through a financial institution or other agent acting on your behalf, you will be required to provide appropriate documentation to the agent, which then will be required to provide certification to us or our paying agent, either directly or through other intermediaries.

Dividends received by you that are treated as effectively connected with your conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed base maintained by you in the United States) are generally exempt from the 30% U.S. federal withholding tax, subject to the discussion below in "— Backup Withholding and Information Reporting" and "— Foreign Account Tax Compliance Act (FATCA)." In order to obtain this exemption, you must provide us with a properly executed IRS Form W-8ECI or other appropriate form properly certifying such exemption. Such effectively connected dividends, although not subject to U.S. federal withholding tax, are taxed at the same graduated rates applicable to United States persons, net of certain deductions and credits, subject to an applicable income tax treaty providing otherwise. In addition, if you are a corporate non-U.S. holder, dividends you receive that are effectively connected with your conduct of a U.S. trade or business (and, if an income tax treaty applies, are attributable to a permanent establishment or fixed base maintained by you in the United States) may also be subject to a branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty between the United States and your country of residence. You should consult your tax advisor regarding the tax consequences of the ownership and disposition of our common stock, including any applicable tax treaties that may provide for different rules.

**Gain on Disposition of Common Stock**

Subject to the discussion in "— Backup Withholding and Information Reporting," you generally will not be required to pay U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 gain is effectively connected with your conduct of a U.S. trade or business (and, if an applicable
 income tax treaty so provides, the gain is attributable to a permanent establishment or fixed
 base maintained by you in the United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you
 are an individual who is present in the United States for a period or periods aggregating
 183 days or more during the taxable year in which the sale or disposition occurs and
 certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 common stock constitutes a United States real property interest by reason of our status as
 a "United States real property holding corporation" ("USRPHC") for
 U.S. federal income tax purposes at any time within the shorter of the five-year period preceding
 your disposition of, or your holding period for, our common stock, unless our common stock
 is regularly traded on an established securities market and you hold no more than 5% of our
 outstanding common stock, directly, indirectly and constructively, at all times, during the
 shorter of the five-year period ending on the date of the taxable disposition or your holding
 period for our common stock.

If you are a non-U.S. holder described in the first bullet above, you will be required to pay tax on the gain derived from the sale (net of certain deductions and credits) under regular graduated U.S. federal income tax rates applicable to United States persons, and a corporate non-U.S. holder described in the first bullet above also may be subject to the branch profits tax at a 30% rate, or such lower rate as may be specified by an applicable income tax treaty.

If you are an individual non-U.S. holder described in the second bullet above, you will be subject to tax on such gain at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on the gain derived from the sale, which gain may be offset by U.S. source capital losses for the year, provided you have timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe that we are not currently and will not become a USRPHC for U.S. federal income tax purposes, and the remainder of this discussion so assumes. However, because the determination of whether we are a USRPHC depends on the fair market value of our U.S. real property relative to the fair market value of our U.S. and worldwide real property plus our other business assets, there can be no assurance that we will not become a USRPHC in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of the Securities by a non-U.S. holder will not be subject to U.S. federal income tax if the Securities are "regularly traded," as defined by applicable Treasury Regulations, on an established securities market, and such non-U.S. holder owned, actually and constructively, 5% or less of the Securities throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder's holding period. You are encouraged to consult your own tax advisors regarding the possible consequences to you if we are, or were to become, a USRPHC.

**Backup Withholding and Information Reporting**

Generally, we must report annually to the IRS the amount of distributions paid to you, your name and address and the amount of tax withheld, if any. A similar report will be sent to you. Pursuant to applicable income tax treaties or other agreements, the IRS may make these reports available to tax authorities in your country of residence.

Payments of dividends on or of proceeds from the disposition of our common stock made to you may also be subject to backup withholding at a current rate of 24% and information reporting unless you establish an exemption, for example, by properly certifying your non-U.S. status on a properly completed IRS Form W-8BEN or W-8BEN-E or another appropriate version of IRS Form W-8. Notwithstanding the foregoing, backup withholding may apply if either we or our paying agent has actual knowledge, or reason to know, that you are a United States person. In addition, proceeds of the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that you are a United States person or you otherwise establish an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the non-U.S. holder resides or is established.

Backup withholding is not an additional tax; rather, the U.S. federal income tax liability of persons subject to backup withholding will be reduced by the amount of tax withheld. If withholding results in an overpayment of taxes, a refund or credit may generally be obtained from the IRS, provided that the required information is furnished to the IRS in a timely manner.

**Foreign Account Tax Compliance Act (FATCA)**

The Foreign Account Tax Compliance Act, Treasury Regulations issued thereunder and official IRS guidance, collectively "FATCA," generally impose a U.S. federal withholding tax of 30% on dividends on, and, subject to the discussion of certain proposed Treasury Regulations below, the gross proceeds from a sale or other disposition of our common stock, paid to a "foreign financial institution" (as specially defined under these rules), unless such institution enters into an agreement with the U.S. government to, among other things, withhold on certain payments and to collect and provide to the U.S. tax authorities substantial information regarding the U.S. account holders of such institution (which includes certain equity and debt holders of such institution, as well as certain account holders that are foreign entities with U.S. owners) or otherwise establishes an exemption. FATCA also generally imposes a U.S. federal withholding tax of 30% on dividends on and, subject to the discussion of certain proposed Treasury Regulations below, the gross proceeds from a sale or other disposition of our common stock paid to a "non-financial foreign entity" (as specially defined under these rules) unless such entity provides the withholding agent with a certification identifying the substantial direct and indirect U.S. owners of the entity, certifies that it does not have any substantial U.S. owners or otherwise establishes an exemption. The withholding tax will apply regardless of whether the payment otherwise would be exempt from U.S. nonresident and backup withholding tax, including under the other exemptions described above. Under certain circumstances, a non-U.S. holder might be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this section. Prospective investors should consult with their own tax advisors regarding the application of FATCA withholding to their investment in, and ownership and disposition of, our common stock.

Proposed Treasury Regulations, if finalized in their present form, would eliminate withholding under FATCA with respect to payments of gross proceeds from a sale or other disposition of our common stock. Taxpayers may generally rely on the proposed Treasury Regulations until final regulations are issued.

**The preceding discussion of U.S. federal tax considerations is for general information only. It is not tax advice to investors in their particular circumstances. Each prospective investor should consult its own tax advisor regarding the particular U.S. federal, state and local and non-U.S. tax consequences of purchasing, holding and disposing of our common stock, including the consequences of any proposed change in applicable laws.**

**UNDERWRITING**

TCBI Securities, Inc., doing business as Texas Capital Securities, is acting as the representative of the underwriters. Subject to the terms and conditions stated in the underwriting agreement dated the date of this prospectus supplement, each underwriter named below has severally and not jointly agreed to purchase, and we have agreed to sell to that underwriter, the number of shares of our common stock set forth opposite the underwriter's name.

---

| | |
|:---|:---|
| **Underwriter** | **Number of Shares** |
| TCBI Securities, Inc., doing business as Texas Capital Securities |  |
| Northland Securities, Inc. |  |
| &nbsp;&nbsp;&nbsp;Total |  |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the shares of our common stock included in this offering are subject to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all the shares of our common stock (other than those covered by the underwriters' option to purchase additional shares of our common stock option described below) if they purchase any of the shares of our common stock.

Shares of our common stock sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus supplement. Any shares of our common stock sold by the underwriters to securities dealers may be sold at a discount from the initial public offering price not to exceed $ per share. If all the shares of common stock are not sold at the initial offering price, the underwriters may change the offering price and the other selling terms.

**Underwriting discounts and commissions**

The following table shows the underwriting discounts and commissions that we are to pay to the underwriters in connection with this offering. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional shares.

---

| | | |
|:---|:---|:---|
|  | **Paid by the Company** | **Paid by the Company** |
|  | **No <br> Exercise** | **Full <br> Exercise** |
| Per share of common stock | $| $|
| Total | $| $|

---

**Indemnification**

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make because of any of those liabilities.

**Option to Purchase Additional Shares**

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus supplement, to purchase up to $7,500,000 in additional shares at the public offering price less the underwriting discounts and commissions. To the extent the option is exercised, each underwriter must purchase a number of additional shares approximately proportionate to that underwriter's initial purchase commitment. Any shares of our common stock issued or sold under the option will be issued and sold on the same terms and conditions as the other shares that are the subject of this offering.

**Lock-Ups**

We and our executive officers and directors have agreed that, for a period of 90 days from the date of this prospectus supplement, subject to certain customary exceptions, we and they will not, without the prior written consent of the representative, offer, sell, contract to sell, pledge or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any shares of capital stock of the Company or any securities convertible into, or exercisable or exchangeable for such capital stock, or publicly announce an intention to effect any such transaction.

The exceptions permit us, among other things and subject to restrictions, to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) issue the shares of common stock sold
 in this offering to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) issue and sell common stock pursuant
 to any employee stock plan, stock ownership plan, dividend reinvestment plan or other compensation
 plan of the Company (including any amendments to such plans) effective as of the date of
 this prospectus supplement;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) issue shares of common stock issuable
 upon the conversion of securities, the exercise of warrants or options or the settlement
 of restricted stock units, performance stock units or deferred stock units, in each case,
 outstanding as of the date of this prospectus supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) file any registration statement on Form S-8
 or a successor form thereto relating to any employee stock plan, stock ownership plan, dividend
 reinvestment plan or other compensation plan of the Company (including any amendments to
 such plans) effective as of the date of this prospectus supplement.

In addition, the restrictions above with respect to officers and directors do not apply to, subject to certain limitations and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a *bona fide* gift or gifts, or
 is for *bona fide* estate planning purposes;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a transfer to any trust for the direct
 or indirect benefit of such executive officer or director or the immediate family of such
 executive officer or director (or if the common stock is held by a trust, to a trustor or
 beneficiary of the trust or to the estate of a beneficiary of such trust), or to a charitable
 trust;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a transfer by testate will, succession
 or intestate succession;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a transfer by operation of law, such
 as pursuant to a qualified domestic order or other court order or as required by a divorce
 settlement;

&nbsp;&nbsp;&nbsp;&nbsp;(v) a transfer to a corporation, limited
 liability company, partnership, or other entity wholly owned by such executive officer or
 director and/or one or more immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) a transfer to the Company pursuant to
 a net exercise or cashless exercise (to satisfy exercise price or related withholding obligations)
 by such executive officer or director of outstanding equity awards existing as of the date
 of this prospectus supplement; *provided* that shares of Common Stock received in connection
 with such exercise shall continue to be subject to the lock-up provisions;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) a transfer to the Company as forfeitures
 to satisfy tax withholding obligations of such executive officer or director in connection
 with the vesting or exercise of equity awards pursuant to the Company's equity incentive
 plan or outstanding warrants;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) a transfer in connection with certain
 change of control transactions;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) the conversion of restricted stock units
 granted pursuant to the Company's equity incentive plans; *provided* that it shall
 apply to any of the shares of common Stock or any securities convertible into or exercisable
 or exchangeable for common stock issued upon such exercise; or

&nbsp;&nbsp;&nbsp;&nbsp;(x) the establishment of any contract, instruction
 or plan (a "10b5-1 Plan") that satisfies all of the requirements of Rule 10b5-1(c)(1)(i)(B) under
 the Exchange Act; *provided* that no sales or transfers (except as otherwise permitted
 by the lock-up agreement) of the shares of common stock or any securities convertible into
 or exercisable or exchangeable for common stock shall be made pursuant to such a 10b5-1 Plan
 prior to the expiration of the lock-up period, and no filing by any person under the Exchange
 Act or other public announcement shall be required or shall be made voluntarily in connection
 with the establishment of such 10b5-1 Plan, except for such disclosure as may be required
 under the Exchange Act or Regulation S-K of the SEC, and if any announcement, filing or report
 related to such 10b5-1 Plan shall be legally required during the lock-up period, such announcement,
 filing or report shall clearly indicate therein that none of the shares of common stock or
 other securities subject to such 10b5-1 Plan may be transferred, sold, or otherwise disposed
 of pursuant to such 10b5-1 Plan until after expiration of the lock-up period and such filing,
 report or announcement shall clearly indicate in the footnotes thereto the nature and conditions
 of such transfer or distribution;

*provided*, in the case of clauses (i) through (vii), that (a) such transfer shall not involve a disposition for value, (b) the transferee agrees in writing with the representative to be bound by the terms of the lockup agreement, and (c) no filing by any party under Section 16(a) of the Exchange Act shall be required or shall be made voluntarily in connection with such transfer (other than, in connection with a transfer, distribution or other disposition pursuant to clauses (i) through (vii), respectively, a Form 4 or Form 5 required to be filed under the Exchange Act if such executive officer or director is subject to Section 16 reporting with respect to the Company under the Exchange Act; *provided*, *however*, that if such Form 4 or Form 5 is filed during the lock-up period, such Form 4 or Form 5 shall indicate by footnote disclosure or otherwise that such Form 4 or Form 5 relates to, as applicable, a *bona fide* gift or otherwise a disposition for no value or a net or cashless exercise of outstanding equity awards or forfeiture to satisfy tax withholding obligations, as applicable, and that any shares of common stock and other securities subject to the lock-up agreement that continue to be held by such party remain subject to the terms of the lock-up agreement).

The representative, in its sole discretion, may release any of the securities subject to the lock-up agreements described above in whole or in part at any time without notice. When determining whether or not to release securities from lock-up agreements, the representative will consider, among other factors, the holder's reasons for requesting the release, the number of shares for which the release is being requested and market conditions at the time of the request.

**Nasdaq Capital Market Listing**

The shares are listed on The Nasdaq Capital Market under the symbol "HNRG."

**Expenses and Reimbursements**

We estimate that our portion of the total expenses of this offering will be $, which includes the fees and expenses for which we have agreed to reimburse the underwriters. We have agreed to reimburse the underwriters for their FINRA counsel fee and up to $75,000 for transaction-related expenses. In accordance with FINRA Rule 5110, this reimbursed fee is deemed underwriting compensation for this offering.

**Price Stabilization, Short Positions and Penalty Bids**

In connection with the offering, the underwriters may purchase and sell shares of our common stock in the open market. Purchases and sales in the open market may include short sales, purchases to cover short positions, which may include purchases pursuant to the underwriters' option to purchase additional shares of our common stock, and stabilizing purchases.

● Short sales involve secondary
 market sales by the underwriters of a greater number of shares than they are required to purchase in the offering.

● "Covered" short
 sales are sales of shares in an amount up to the number of shares represented by the underwriters' option to purchase additional
 shares.

● "Naked" short
 sales are sales of shares in an amount in excess of the number of shares represented by the underwriters' option to purchase
 additional shares.

● Covering transactions involve
 purchases of shares either pursuant to the underwriters' option to purchase additional shares or in the open market in order
 to cover short positions.

● To close a naked short
 position, the underwriters must purchase shares in the open market. A naked short position is more likely to be created if the underwriters
 are concerned that there may be downward pressure on the price of the shares in the open market after pricing that could adversely
 affect investors who purchase in the offering.

● To close a covered short
 position, the underwriters must purchase shares in the open market or must exercise the underwriters' option to purchase additional
 shares. In determining the source of shares to close the covered short position, the underwriters will consider, among other things,
 the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through
 the underwriters' option to purchase additional shares.

● Stabilizing transactions
 involve bids to purchase shares so long as the stabilizing bids do not exceed a specified maximum.

Purchases to cover short positions and stabilizing purchases, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the shares. They may also cause the price of the shares to be higher than the price that would otherwise exist in the open market in the absence of these transactions. The underwriters may conduct these transactions on The Nasdaq Capital Market, in the over-the-counter market or otherwise. If the underwriters commence any of these transactions, they may discontinue them at any time.

In addition, in connection with this offering, some of the underwriters (and selling group members, if any) may engage in passive market making transactions in the shares on The Nasdaq Capital Market, prior to the pricing and completion of the offering. Passive market making consists of displaying bids on The Nasdaq Capital Market no higher than the bid prices of independent market makers and making purchases at prices no higher than those independent bids and effected in response to order flow. Net purchases by a passive market maker on each day are limited to a specified percentage of the passive market maker's average daily trading volume in the shares during a specified period and must be discontinued when that limit is reached. Passive market making may cause the price of the shares to be higher than the price that otherwise would exist in the open market in the absence of those transactions. If the underwriters commence passive market making transactions, they may discontinue them at any time.

**Electronic Distribution**

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail.

**Other Relationships**

The underwriters are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, principal investment, hedging, financing and brokerage activities. In the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (which may include bank loans and/or credit default swaps) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. The Company has received a commitment from TCBI Securities, Inc., doing business as Texas Capital Securities, and its affiliates to provide the New Senior Credit Facilities.

**Sales Outside the United States**

No action has been taken in any jurisdiction (except in the United States) that would permit a public offering of our common stock, or the possession, circulation or distribution of this prospectus supplement or any other material relating to us or our common stock in any jurisdiction where action for that purpose is required. Accordingly, the shares of common stock may not be offered or sold, directly or indirectly, and neither this prospectus supplement nor any other offering material or advertisements in connection with our common stock may be distributed or published, in or from any country or jurisdiction, except in compliance with any applicable rules and regulations of any such country or jurisdiction.

The underwriters may arrange to sell the common stock offered hereby in certain jurisdictions outside the United States, either directly or through affiliates, where it is permitted to do so.

**European Economic Area**

In relation to each Member State of the European Economic Area (each a "Relevant State"), no securities have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the securities which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the securities may be offered to the public in that Relevant State at any time:

(a) to any legal entity which
 is a "qualified investor" as defined under Article 2 of the Prospectus Regulation;

(b) to fewer than 150 natural
 or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining
 the prior consent of the representative for any such offer; or

(c) in any other circumstances
 falling within Article 1(4) of the Prospectus Regulation,

*provided* that no such offer of securities shall require us or the underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation. Each person who initially acquires any securities or to whom any offer is made will be deemed to have represented, warranted, acknowledged and agreed to and with us and the underwriter that it is a "qualified investor" within the meaning of Article 2 of the Prospectus Regulation.

**For the purposes of this provision, the expression "offer to the public" in relation to the securities in any Relevant State means the communication in any form and by means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.**

**United Kingdom**

No securities have been offered or will be offered pursuant to the offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the securities which has been approved by the Financial Conduct Authority in the United Kingdom, except that the securities may be offered to the public in the United Kingdom at any time:

(a) to any legal entity which
 is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

(b) to fewer than 150 natural
 or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining
 the prior consent of the representative for any such offer; or;

(c) in any other circumstances
 falling within Section 86 of the FSMA,

*provided* that no such offer of securities shall require us or the underwriter to publish a prospectus pursuant to Section 85 of the FSMA or Article 3 of the UK Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. Each person in the United Kingdom who initially acquires any securities or to whom any offer is made will be deemed to have represented, warranted, acknowledged and agreed to and with us and the underwriter that it is a "qualified investor" within the meaning of the UK Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the securities in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any securities to be offered so as to enable an investor to decide to purchase or subscribe for any securities, the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, and the expression "FSMA" means the Financial Services and Markets Act 2000.

In the United Kingdom, this prospectus supplement is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are "qualified investors" (as defined in the UK Prospectus Regulation) (i) who have professional experience in the matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or the Order and/or (ii) who are high net worth companies falling within Article 49(2)(a) to (d) of the Order and other persons to whom it may lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons") or otherwise in circumstances which have not resulted and will not result in an offer to the public of the securities in the United Kingdom within the meaning of FSMA.

**Hong Kong**

No securities have been offered or sold, and no securities may be offered or sold, in Hong Kong, by means of any document, other than to persons whose ordinary business is to buy or sell shares or debentures, whether as principal or agent; or to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong, or the SFO, and any rules made under that Ordinance; or in other circumstances which do not result in the document being a "prospectus" as defined in the Companies Ordinance (Cap. 32) of Hong Kong, or the CO, or which do not constitute an offer or invitation to the public for the purpose of the CO or the SFO. No document, invitation or advertisement relating to the securities has been issued or may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted under the securities laws of Hong Kong) other than with respect to securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made under that Ordinance.

This prospectus supplement has not been registered with the Registrar of Companies in Hong Kong. Accordingly, this prospectus supplement may not be issued, circulated or distributed in Hong Kong, and the securities may not be offered for subscription to members of the public in Hong Kong. Each person acquiring the securities will be required, and is deemed by the acquisition of the securities, to confirm that he is aware of the restriction on offers of the securities described in this prospectus supplement and the relevant offering documents and that he is not acquiring, and has not been offered any securities in circumstances that contravene any such restrictions.

**Singapore**

This prospectus supplement has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA

Where the shares are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(a) a corporation (which is
 not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the
 entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee
 is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is
 an accredited investor, securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries'
 rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that
 trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

(i) to an institutional investor
 or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A)
 or Section 276(4)(i)(B) of the SFA;

(ii) where no consideration
 is or will be given for the transfer;

(iii) where the transfer is by
 operation of law;

(iv) as specified in Section 276(7) of
 the SFA; or

(v) as specified in Regulation
 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

**Solely for the purposes of its obligations pursuant to section 309B(1)(a) and 309B(1)(c) of the SFA and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the "CMP Regulations 2018"), we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the securities are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products; and MAS notice FAA-N16: Notice on Recommendations on Investment Products).**

**Japan**

The offering has not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948 of Japan, as amended) (FIEL), and the underwriter will not offer or sell any securities, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means, unless otherwise provided herein, any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEL and any other applicable laws, regulations and ministerial guidelines of Japan.

**Canada**

*(A) Resale Restrictions*

The distribution of securities in Canada is being made only in the provinces of Ontario, Quebec, Alberta, British Columbia, Manitoba, New Brunswick and Nova Scotia on a private placement basis exempt from the requirement that we prepare and file a prospectus supplement with the securities regulatory authorities in each province where trades of these securities are made. Any resale of the securities in Canada must be made under applicable securities laws which may vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Purchasers are advised to seek legal advice prior to any resale of the securities.

*(B) Representations of Canadian Purchasers*

By purchasing securities in Canada and accepting delivery of a purchase confirmation, a purchaser is representing to us and the dealer from whom the purchase confirmation is received that:

● the purchaser is entitled
 under applicable provincial securities laws to purchase the securities without the benefit of a prospectus supplement qualified under
 those securities laws as it is an "accredited investor" as defined under National Instrument 45-106—Prospectus
 Exemptions or Section 73 3(1) of the Securities Act (Ontario) as applicable,

● the purchaser is a "permitted
 client" as defined in National Instrument 31-103—Registration Requirements, Exemptions and Ongoing Registrant Obligations,

● where required by law,
 the purchaser is purchasing as principal and not as agent, and

● the purchaser has reviewed
 the text above under Resale Restrictions.

*(C) Conflicts of Interest*

Canadian purchasers are hereby notified that the representatives are relying on the exemption set out in section 3A.3 or 3A.4, if applicable, of National Instrument 33-105—Underwriting Conflicts from having to provide certain conflict of interest disclosure in this prospectus supplement.

*(D) Statutory Rights of Action*

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if the prospectus supplement (including any amendment thereto) such as this prospectus supplement contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser of these securities in Canada should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

*(E) Enforcement of Legal Rights*

All of our directors and officers as well as the experts named herein may be located outside of Canada and, as a result, it may not be possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All or a substantial portion of our assets and the assets of those persons may be located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.

*(F) Taxation and Eligibility for Investment*

**Canadian purchasers of securities should consult their own legal and tax advisors with respect to the tax consequences of an investment in the securities in their particular circumstances and about the eligibility of the securities for investment by the purchaser under relevant Canadian legislation.**

**Australia**

Neither this prospectus supplement nor the accompanying prospectus is a disclosure document for the purposes of Australia's Corporations Act 2001 (Cth) of Australia, or Corporations Act, or has been lodged with the Australian Securities & Investments Commission, and each is only directed to the categories of exempt persons set out below. Accordingly, if you receive this prospectus supplement and the accompanying prospectus in Australia:

(A) you confirm and warrant
 that you are either:

● a "sophisticated
 investor" under section 708(8)(a) or (b) of the Corporations Act;

● a "sophisticated
 investor" under section 708(8)(c) or (d) of the Corporations Act and that you have provided an accountant's
 certificate to the Company which complies with the requirements of section 708(8)(c)(i) or (ii) of the Corporations Act
 and related regulations before the offer has been made;

● a person associated with
 the Company under Section 708(12) of the Corporations Act; or

● a "professional investor"
 within the meaning of section 708(11)(a) or (b) of the Corporations Act.

To the extent that you are unable to confirm or warrant that you are an exempt sophisticated investor, associated person or professional investor under the Corporations Act, any offer made to you under this prospectus supplement and the accompanying prospectus is void and incapable of acceptance.

**you warrant and agree that you will not offer any of the securities issued to you pursuant to this prospectus supplement and the accompanying prospectus for resale in Australia within 12 months of those securities being issued unless any such resale offer is exempt from the requirement to issue a disclosure document under section 708 of the Corporations Act.**

**Switzerland**

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or the SIX, or on any other stock exchange or regulated trading facility in Switzerland. This prospectus supplement has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this prospectus supplement nor any other offering or marketing material relating to the securities or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

**Neither this prospectus supplement nor any other offering or marketing material relating to the offering, the Company or the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this prospectus supplement will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, and the offer of securities has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or the CISA. The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of securities.**

**Israel**

This prospectus supplement does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus supplement is being distributed only to, and is directed only at, and any offer of the securities is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the Addendum (as it may be amended from time to time), collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of same and agree to it.

**LEGAL MATTERS**

The validity of the common stock offered by this prospectus supplement will be passed upon for us by Jones & Keller, P.C., Denver, Colorado. Certain legal matters in connection with this offering will be passed upon for the underwriters by Paul Hastings LLP.

**EXPERTS**

The audited consolidated financial statements and management's assessment of the effectiveness of internal control over financial reporting incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

The information regarding estimated quantities and quality of our proven and probable coal reserves for the Oaktown Mining Complex, and technical report summaries incorporated in this prospectus supplement by reference to the [Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm) is based, in part, on estimates included in reports provided by John T. Boyd Company.

**WHERE YOU CAN FIND MORE INFORMATION**

We filed with the SEC a registration statement on Form S-3 under the Securities Act with respect to the shares of common stock offered hereby. This prospectus supplement and the accompanying prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed with the registration statement. For further information about us and the common stock offered hereby, we refer you to the registration statement and the exhibits filed with the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement.

We are subject to the information and reporting requirements of the Exchange Act and, in accordance with this law, are required to file periodic reports, proxy statements and other information with the SEC. We file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public at the SEC's website at http://www.sec.gov.

**INCORPORATION OF DOCUMENTS BY REFERENCE**

The SEC allows us to "incorporate by reference" information that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to those other documents. The information incorporated by reference is an important part of this prospectus supplement and the accompanying prospectus, and information that we file later with the SEC will automatically update and supersede this information. We filed a registration statement on Form S-3 under the Securities Act with the SEC with respect to the securities being offered pursuant to this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus omit certain information contained in the registration statement, as permitted by the SEC. You should refer to the registration statement, including the exhibits, for further information about us and the securities being offered pursuant to this prospectus supplement and the accompanying prospectus. Statements in this prospectus supplement and the accompanying prospectus regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. The documents we are incorporating by reference are (other than those documents or the portions of those documents not deemed to be filed):

· [Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 17, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm)

· Quarterly Reports on Form 10-Q
 for the fiscal quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, filed with the SEC on [May 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025007429/hnrg-20250331x10q.htm) , [August 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025011085/hnrg-20250630x10q.htm) and [November 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465925109301/hnrg-20250930x10q.htm) , respectively;

· Current Reports on Form 8-K
 filed with the SEC on [January 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025000046/hnrg-20250102x8k.htm) , [May 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008111/hnrg-20250519x8k.htm) , [June 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008332/hnrg-20250529x8k.htm) , [June 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008383/hnrg-20250604x8k.htm) (excluding information under
 Item 7.01), [December 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465925118446/hnrg-20251201x8k.htm) and [January 6, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465926001098/hnrg-20251230x8k.htm) (excluding information under Item 7.01);

· The Information specifically
 incorporated by reference into our [Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm) from our [Definitive Proxy Statement on Schedule 14A filed with the SEC on April 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025004951/hnrg-20250529xdef14a.htm) ; and

· Description of our common
 stock contained in our Registration Statement on [Form S-8 Registration Statement (File No. 333-163431) filed with the Securities and Exchange Commission on December 1, 2009](https://www.sec.gov/Archives/edgar/data/788965/000078896509000029/s8dec12009.htm) , as updated by <u>[Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/788965/000155837020002242/hnrg-20191231ex415fae6a9.htm)</u> to our Annual Report on Form 10-K for
 the fiscal year ended December 31, 2024, including any subsequent amendment or any report filed for the purpose of updating
 such description.

All documents subsequently filed with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act prior to the termination of this offering shall be deemed to be incorporated by reference into this prospectus supplement (other than information that is furnished and not filed with the SEC). Any statement contained in any document incorporated by reference herein will be deemed to be modified or superseded for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement or any additional prospectus supplement modifies or supersedes such statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.

You may request a copy of these filings, at no cost, by writing or telephoning us at the following address or phone number:

Hallador Energy Company<br> 1183 East Canvasback Drive<br> Terre Haute, Indiana 47802<br> (303) 839-5504

**PROSPECTUS**

**HALLADOR ENERGY COMPANY**

**Common Stock<br> Preferred Stock<br> Debt Securities<br> Depositary Shares<br> Warrants<br> Subscription Rights<br> Purchase Contracts<br> Units**

We may issue securities from time to time in one or more offerings, in amounts, at prices and on terms determined at the time of offering. This prospectus describes the general terms of these securities and the general manner in which these securities will be offered. We will provide the specific terms of these securities in supplements to this prospectus, which also will describe the specific manner in which these securities will be offered and may supplement, update or amend information contained in this prospectus. You should read this prospectus and any applicable prospectus supplement before you invest.

The securities may be sold directly to you, through agents or through underwriters and dealers. If agents, underwriters or dealers are used to sell the securities, we will name them and describe their compensation in a prospectus supplement. The price to the public of those securities and the net proceeds we expect to receive from that sale will be set forth in a prospectus supplement.

Our common stock is quoted on The Nasdaq Capital Market under the symbol "HNRG." On January 12, 2026, the last reported sale price of our common stock on the Nasdaq Capital Market was $20.29. None of the other securities that we may offer under this prospectus are currently publicly traded. Each prospectus supplement will indicate whether the securities offered thereby will be listed on any securities exchange.

**Investing in our securities involves risks. See "Risk Factors" beginning on page 5 of this prospectus and the Risk Factors set forth in our [Annual Report on Form 10-K for the fiscal year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm), as supplemented by our subsequent Quarterly Reports on Form 10-Q, which are incorporated by reference in this prospectus.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus or any applicable prospectus supplement. Any representation to the contrary is a criminal offense.**

The date of this prospectus is January 13, 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [**ABOUT THIS PROSPECTUS**](#B_001) | [**1**](#B_001) |
| [**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**](#B_002) | [**2**](#B_002) |
| [**PROSPECTUS SUMMARY**](#B_003) | **[4](#B_003)** |
| [**RISK FACTORS**](#B_004) | [**5**](#B_004) |
| [**USE OF PROCEEDS**](#B_005) | **[6](#B_005)** |
| [**DESCRIPTION OF SECURITIES WE MAY OFFER**](#B_006) | **[7](#B_006)** |
| [**DESCRIPTION OF CAPITAL STOCK**](#B_007) | **[8](#B_007)** |
| [**DESCRIPTION OF DEBT SECURITIES**](#B_008) | **[10](#B_008)** |
| [**DESCRIPTION OF DEPOSITARY SHARES**](#B_009) | [**18**](#B_009) |
| [**DESCRIPTION OF WARRANTS**](#B_010) | [**19**](#B_010) |
| [**DESCRIPTION OF SUBSCRIPTION RIGHTS**](#B_011) | [**20**](#B_011) |
| [**DESCRIPTION OF PURCHASE CONTRACTS**](#B_012) | [**21**](#B_012) |
| [**DESCRIPTION OF UNITS**](#B_013) | [**22**](#B_013) |
| [**PLAN OF DISTRIBUTION**](#B_014) | [**23**](#B_014) |
| [**LEGAL MATTERS**](#B_015) | [**25**](#B_015) |
| [**EXPERTS**](#B_016) | [**25**](#B_016) |
| [**WHERE YOU CAN FIND MORE INFORMATION**](#B_017) | [**26**](#B_017) |
| [**INFORMATION INCORPORATED BY REFERENCE**](#B_018) | [**26**](#B_018) |

---

**ABOUT THIS PROSPECTUS**

This prospectus is part of an automatic shelf registration statement on Form S-3ASR that we filed with the Securities and Exchange Commission (the "SEC"), as a "well-known seasoned issuer" as defined in Rule 405 under the Securities Act of 1933, as amended (the "Securities Act") utilizing a "shelf" registration process. Under this shelf registration process, we may sell any combination of the securities described in this prospectus from time to time in one or more offerings. The securities may be offered at prices and on terms described in one or more supplements to this prospectus.

This prospectus provides you with a general description of the securities that may be offered. Each time we use this prospectus to offer securities, we will provide one or more prospectus supplements that will contain specific information about the terms of such offering. The prospectus supplement may add, update or change information contained in this prospectus. To the extent information in this prospectus is inconsistent with information contained in a prospectus supplement, you should rely on the information in the prospectus supplement. You should read both this prospectus and any applicable prospectus supplement together with the information incorporated by reference herein and therein and the additional information described under the heading "Where You Can Find More Information."

We have not authorized anyone to provide you with information that is different from that contained, or incorporated by reference, in this prospectus, any applicable prospectus supplement or in any related free writing prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus and any applicable prospectus supplement or any related free writing prospectus do not constitute an offer to sell or the solicitation of an offer to buy any securities other than the securities described in the applicable prospectus supplement or an offer to sell or the solicitation of an offer to buy such securities in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing in this prospectus, any prospectus supplement, the documents incorporated by reference and any related free writing prospectus is accurate only as of their respective dates. Our business, financial condition, results of operations and prospects may have changed materially since those dates.

References in this prospectus to "Hallador," "we," "us," "our," the "Company" or similar references mean Hallador Energy Company and its subsidiaries. When we refer to "you" in this section, we mean all purchasers of the securities being offered by this prospectus and any accompanying prospectus supplement, whether they are the holders or only indirect owners of those securities.

This prospectus contains our registered and unregistered trademarks and service marks, as well as trademarks and service marks of third parties. Solely for convenience, these trademarks and service marks are referenced without the <sup>®</sup>, <sup>™</sup> or similar symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and service marks. All brand names, trademarks and service marks appearing in this prospectus are the property of their respective holders.

**Cautionary Statement Regarding Forward-Looking Statements**

Certain statements and information in this prospectus, any prospectus supplement and any related free writing prospectus, including the information incorporated by reference herein and therein may constitute "forward-looking statements." These statements are based on our beliefs as well as assumptions made by, and information currently available to us. When used in this document, the words "anticipate," "believe," "continue," "estimate," "expect," "forecast," "may," "project," "will," and similar expressions identify forward-looking statements. Without limiting the foregoing, all statements relating to our future outlook, anticipated capital expenditures, future cash flows and borrowings and sources of funding are forward-looking statements. These statements reflect our current views with respect to future events and are subject to numerous assumptions that we believe are open to a wide range of uncertainties and business risks, and actual results may differ materially from those discussed in these statements. Among the factors that could cause actual results to differ from those in the forward-looking statements are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in macroeconomic and market conditions and market volatility, and the impact of such changes
 and volatility on our financial position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations
 in weather, gas and electricity commodity costs, inflation and economic conditions impact
 demand of our customers and our operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 outcome or escalation of current hostilities in Ukraine, Israel and Venezuela;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in competition in electricity or coal markets and our ability to respond to such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in coal or electricity prices, demand, and availability which could affect our operating
 results and cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with the expansion of our operations and properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to the ERAS program review and approval process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to our ability to secure agreements in support of the development and construction
 of planned projects, including the expansion of our Merom Generating Station;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· legislation,
 regulations, administrative actions (e.g., Executive Orders), and court decisions and interpretations
 thereof, including those relating to the environment and the release of greenhouse gases,
 mining, miner health and safety, and health care, as well as those relating to data privacy
 protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· deregulation
 of the electric utility industry or the effects of any adverse change in the coal industry,
 electric utility industry, or general economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dependence
 on significant or long-term customer contracts, including renewing customer contracts upon
 expiration of existing contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changing
 global economic conditions or the geopolitical environment in industries in which our customers
 operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in attitude toward environmental, social, and governance ("ESG") matters among
 regulators, investors and parties with which we do business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 effect of changes in taxes or tariffs and other trade measures, including the recent implementation
 of higher tariffs on imports into the United States, which could impact the Company's
 procurement and sourcing strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 relating to inflation and increasing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· liquidity
 constraints, including due to restrictions contained in our debt agreements and those resulting
 from any future unavailability of financing, including risks relating to our ability to refinance
 our existing credit agreement before its maturity date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customer
 bankruptcies, a decline in customer creditworthiness, or customer cancellations or breaches
 to existing contracts, or other failures to perform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customer
 delays, failure to take coal or electricity under contracts or defaults in making payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adjustments
 made in price, volume or terms to existing coal supply and customer agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 productivity levels and margins earned on our coal or electricity sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· supply
 chain disruptions and changes in equipment, raw material, service or labor costs or availability,
 including due to inflationary pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in the availability of skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our
 ability to maintain satisfactory relations with our employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increases
 in labor costs, adverse changes in work rules, or cash payments or projections associated
 with workers' compensation claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· increases
 in transportation costs and risk of transportation delays or interruptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· operational
 interruptions due to geologic, permitting, labor, weather-related or other factors, including
 challenges in operating an aging coal-fired power plant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 associated with major mine-related or other accidents, mine fires, mine floods or other interruptions,
 including unanticipated operating conditions and other events that are not within our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· results
 of litigation, including claims not yet asserted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 maintaining our surety bonds for mine reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· decline
 in or change in the coal industry's share of electricity generation, including as a
 result of environmental concerns related to coal mining and combustion and the cost and perceived
 benefits of other sources of electricity, such as natural gas, nuclear energy, and renewable
 fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· risks
 resulting from climate change or natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 in making accurate assumptions and projections regarding post-mine reclamation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainties
 in estimating and replacing our coal reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 impact of current and potential changes to federal or state tax rules and regulations,
 including the effects of the OBBBA or a loss or reduction of benefits from certain tax deductions
 and credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 obtaining commercial property insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· evolving
 cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks,
 malicious software, data privacy breaches by employees, insiders or others with authorized
 access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches
 or other actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· difficulty
 in making accurate assumptions and projections regarding future revenues and costs associated
 with equity investments in companies we do not control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 future pandemics and their impacts, both in their intrinsic severity and in the political
 and social responses to them, which could affect, among other things, our operations and
 personnel, the demand for coal, the financial condition of our customers and suppliers and
 available liquidity and capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other
 factors, including those discussed in "Item 1A. Risk Factors" in our most recent
 annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q.

We qualify all of the forward-looking statements contained in this prospectus, in the documents incorporated by reference herein and in any prospectus supplement by these cautionary statements. These forward-looking statements speak only as of the date on which the statements were made and are not guarantees of future performance. Although we undertake no obligation to revise or update any forward- looking statements, whether as a result of new information, future events or otherwise, you are advised to review any additional disclosures we make in the documents we subsequently file with the SEC that are incorporated by reference in this prospectus and any prospectus supplement. See "Where You Can Find More Information."

**PROSPECTUS SUMMARY**

*This summary highlights selected information appearing elsewhere in or incorporated by reference into this prospectus. Because it is a summary, it may not contain all of the information that may be important to you. To understand this offering fully, you should read this entire prospectus and the documents incorporated by reference herein carefully, including the information referenced under the heading "Risk Factors" and in our financial statements, together with any accompanying prospectus supplement. See the sections entitled "Where You Can Find More Information" for a further discussion on incorporation by reference.*

**Overview**

Hallador Energy Company is a vertically integrated power and coal company with operations primarily in Indiana. The Company operates across multiple stages of the energy supply chain, from coal extraction to electricity.

Sunrise Coal, LLC ("Sunrise"), the Company's wholly-owned mining subsidiary, mines coal from reserves found in the Illinois Basin ("ILB"). Coal mined by Sunrise is used as a primary fuel source for generating electricity at various power plants in the Midwest and southeast United States. In addition, Sunrise has a developed infrastructure for the transport of coal, which is typically sold free on board from the shipping point, including rail networks and truck loading systems, facilitating the efficient movement of the resource from the mine to its customers.

Through its wholly-owned subsidiary Hallador Power, LLC ("Hallador Power"), the Company owns and operates the Merom Power Plant ("Merom"), a 1,080 MW coal fired power generating station, consisting of two steam turbine generators. Unit 1 entered commercial operations in 1982 and Unit 2 in 1983. The units are dispatched through the Midcontinental Independent System Operator ("MISO") interconnection. Hallador Power sells wholesale energy and accredited capacity to utilities and other electricity market participants within the MISO system through power purchase agreements ("PPA") and other bilateral transactions, and sells on a spot basis in the day-ahead and real time MISO markets. Merom is located in Sullivan County, Indiana, about twenty miles from Sunrise's Oaktown Mining Complex, enabling Merom and Sunrise to take advantage of low-cost fuel on a delivered basis.

The vertically integrated structure allows the Company to control the entire process, from mining to power production, providing cost efficiencies, greater operational flexibility, and the ability to manage supply and demand volatility within the energy market. Hallador Power has invested in technologies to reduce emissions and improve the environmental performance of coal-fired generation, in compliance with environmental regulations.

**Corporate Information**

We were incorporated under the laws of the State of Colorado in 1985 and are headquartered at 1183 East Canvasback Drive, Terre Haute, Indiana. Our telephone number is (303) 839-5504.

**The Securities That May Be Offered**

We may offer or sell common stock, preferred stock, depositary shares, debt securities, warrants, subscription rights, purchase contracts and units in one or more offerings and in any combination. Each time securities are offered with this prospectus, we will provide a prospectus supplement that will describe the specific amounts, prices and terms of the securities being offered and the net proceeds we expect to receive from that sale.

The securities may be sold to or through underwriters, dealers or agents or directly to purchasers or as otherwise set forth in the section of this prospectus captioned "Plan of Distribution" or in any applicable prospectus supplement. Each prospectus supplement will set forth the names of any underwriters, dealers, agents or other entities involved in the sale of securities described in that prospectus supplement and any applicable fee, commission or discount arrangements with them.

**RISK FACTORS**

Investing in our securities involves a high degree of risk. Before making a decision to invest in our securities, you should carefully consider the risks described under the heading "Risk Factors" in any applicable prospectus supplement and any related free writing prospectus, and under "Part I, Item 1A. Risk Factors" contained in our most recent annual report on Form 10-K and in subsequent quarterly reports on Form 10-Q, as well as any amendments thereto, which are incorporated by reference into this prospectus and the applicable prospectus supplement in their entirety, together with other information in this prospectus and the applicable prospectus supplement, the documents incorporated by reference herein and therein, and any free writing prospectus that we may authorize for use in connection with a specific offering. See "Where You Can Find More Information."

**USE OF PROCEEDS**

Unless otherwise provided in the applicable prospectus supplement, we currently expect to use the net proceeds that we receive from sales of our securities under this prospectus for general corporate purposes. The actual application of proceeds from the sale of any particular securities issued hereunder will be described in the applicable prospectus supplement relating to such securities.

**DESCRIPTION OF SECURITIES WE MAY OFFER**

This prospectus contains summary descriptions of our common stock, preferred stock, debt securities, depositary shares, warrants, subscription rights, purchase contracts and units that we may offer from time to time. These summary descriptions are not meant to be complete descriptions of each security. The particular terms of any security will be described in the accompanying prospectus supplement and other offering material. The accompanying prospectus supplement may add, update or change the terms and conditions of the securities as described in this prospectus.

**DESCRIPTION OF CAPITAL STOCK**

*The following is a description of the rights of our authorized stock and related provisions of our Second Restated Articles of Incorporation (the "*Articles*") and bylaws, as amended (collectively, our "*Organizational Documents*"). This description is qualified in its entirety by, and should be read in conjunction with, our Organizational Documents.*

**Authorized & Outstanding Stock**

We have a total of 110,000,000 shares authorized for issuance, which consists of 100,000,000 shares of common stock, par value $0.01, and 10,000,000 shares of preferred stock, par value $0.10. The common and preferred stock are fully paid and nonassessable.

As of January 13, 2026, only the Company's common stock was registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As of September 30, 2025, there were 43,012,620 outstanding shares of common stock and no shares outstanding of the Company's preferred stock.

**Description of Common Stock**

*Voting*

Each shareholder of record shall have one vote for each share of common stock standing in his or her name on the books of the Company and entitled to vote. Cumulative voting shall not be allowed in the election of directors or for any other purpose.

At all meetings of shareholders, one-third of the shares entitled to vote at such meeting represented in person or by proxy shall constitute a quorum, and at any meeting at which a quorum is present, the affirmative vote of a majority of the shares represented at such meeting and entitled to vote on the subject matters shall be the act of the shareholders; except that the following actions shall require the affirmative vote or concurrence of the holders of at least a majority of all of the outstanding shares of the Company entitled to vote thereon: (1) adopting an amendment or amendments to the Articles, (2) lending money to, guaranteeing the obligations of or otherwise assisting any of the directors of the Company, (3) authorizing the sale, lease, exchange or other disposition of all or substantially all of the property and assets of the Company, with or without its goodwill, not in the usual and regular course of business, (4) approving a plan of merger or consolidation, (5) adopting a resolution submitted by the Board of Directors of the Company to dissolve the Company, and (6) adopting a resolution submitted by the Board of Directors of the Company to revoke voluntary dissolution proceedings.

*Shareholder Consent to Action*

Any action required or permitted under Colorado law to be taken by the shareholders may be taken by the shareholders without a meeting as evidenced by the written consent of the shareholders holding at least a majority of all of the outstanding shares of the Company entitled to vote thereon, unless a greater percentage is required by Colorado law or the Articles.

*Transfer Agent and Registrar*

The transfer agent and registrar for the common stock is Computershare Trust Company, N.A.

*Listing*

The common stock is listed on The Nasdaq Capital Market under the symbol "HNRG".

**Preferred Stock Description**

Preferred stock may be issued in one or more series or classes with designations, preferences, limitations and relative rights determined by our board of directors without any vote or action by our shareholders, subject to limitations prescribed by Colorado law and the provisions of our Organizational Documents.

Any of the voting powers, designations, preferences, rights and qualifications, limitations or restrictions of any such series of preferred stock may be made dependent upon facts ascertainable outside of our Organizational Documents or of any amendment hereto, or outside the resolution or resolutions providing for the issue of such stock adopted by the Board of Directors of the Company pursuant to authority expressly vested in it by these provisions, provided that such facts and the manner in which such facts shall operate upon the voting powers, designations, preferences, rights and qualifications, limitations or restrictions of such series of stock are clearly and expressly set forth in the resolution or resolutions providing for the issue of such stock adopted by the Board of Directors of the Company.

*Dividend Rights*

Our common stock and our preferred stock are entitled to dividends if declared the Board of Directors of the Company out of legally available funds.

*Payments Upon Partial Liquidation*

The Board of Directors of the Company may from time to time distribute to the shareholders in partial liquidation, out of either stated capital or capital surplus of the Company, a portion of its assets, in cash or property, subject to the limitations contained in the statutes of Colorado.

*No Preemptive or Preferential Rights*

No holder of any shares of any class of stock of the Company shall, as such holder, have any preemptive or preferential right to receive, purchase, or subscribe to (1) any unissued or treasury shares of any class of stock, whether now or hereafter authorized, of the Company, (2) any obligations, evidences of indebtedness, or other securities of the Company convertible into or exchangeable for, or carrying or accompanied by any rights to receive, purchase, or subscribe to, any such unissued or treasury shares, (3) any warrant or option for the purchase of, any of the foregoing securities, or (4) any other securities that may be issued or sold by the Company, other than such (if any) as the Board of Directors of the Company, in its sole and absolute discretion, may determine from time to time.

**DESCRIPTION OF DEBT SECURITIES**

The following description, together with the additional information we include in any applicable prospectus supplement, summarizes certain general terms and provisions of the debt securities that we may offer under this prospectus. When we offer to sell a particular series of debt securities, we will describe the specific terms of the series in a supplement to this prospectus. We will indicate in the supplement to what extent the general terms and provisions described in this prospectus apply to a particular series of debt securities.

We may issue debt securities either separately, or together with, or upon the conversion or exercise of or in exchange for, other securities described in this prospectus. Debt securities may be our senior or subordinated obligations and, unless otherwise specified in a supplement to this prospectus, the debt securities will be our direct, unsecured obligations and may be issued in one or more series. We may issue debt securities that are convertible into shares of our common stock.

The debt securities will be issued under an indenture between us and a trustee to be specified in an accompanying prospectus supplement. We have summarized select portions of the indenture below. The summary is not complete. The form of the indenture has been filed as an exhibit to the registration statement of which this prospectus forms a part and you should read the indenture for provisions that may be important to you. Capitalized terms used in the summary and not defined herein have the meanings specified in the indenture.

**General**

The terms of each series of debt securities will be established by or pursuant to a resolution of our Board of Directors and set forth or determined in the manner provided in a resolution of our Board of Directors, in an officer's certificate, or by a supplemental indenture. The particular terms of each series of debt securities will be described in a prospectus supplement relating to such series (including any pricing supplement or term sheet). In addition, any changes to the description below also will be set forth in the applicable prospectus supplement.

We can issue an unlimited amount of debt securities under the indenture that may be in one or more series with the same or various maturities, at par, at a premium, or at a discount. We will set forth in a prospectus supplement (including any pricing supplement or term sheet) relating to any series of debt securities being offered the aggregate principal amount and the following terms of the debt securities, if applicable:

· the title and ranking of
 the debt securities (including the terms of any subordination provisions);

· the price or prices (expressed
 as a percentage of the principal amount) at which we will sell the debt securities;

· any limit upon the aggregate principal amount of the debt securities;

· the date or dates on which
 the principal of the securities of the series is payable;

· the rate or rates (which
 may be fixed or variable) per annum or the method used to determine the rate or rates (including any commodity, commodity index,
 stock exchange index or financial index) at which the debt securities will bear interest, the date or dates from which interest will
 accrue, the date or dates on which interest will commence and be payable and any regular record date for the interest payable on
 any interest payment date;

· the place or places where
 principal of, and interest, if any, on the debt securities will be payable (and the method of such payment), where the securities
 of such series may be surrendered for registration of transfer or exchange, and where notices and demands to us in respect of the
 debt securities may be delivered;

· the period or periods within
 which, the price or prices at which and the terms and conditions upon which we may redeem the debt securities;

· any obligation we have
 to redeem or purchase the debt securities pursuant to any sinking fund or analogous provisions or at the option of a holder of debt
 securities and the period or periods within which, the price or prices at which and the terms and conditions upon which securities
 of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

· the dates on which and
 the price or prices at which we will repurchase debt securities at the option of the holders of debt securities and other detailed
 terms and provisions of these repurchase obligations;

· the denominations in which
 the debt securities will be issued, if other than denominations of $1,000 and any integral multiple thereof;

· whether the debt securities
 will be issued in the form of certificated debt securities or global debt securities;

· the portion of the principal
 amount of the debt securities payable upon declaration of acceleration of the maturity date, if other than the principal amount;

· the currency of denomination
 of the debt securities, which may be United States dollars or any foreign currency, and if such currency of denomination is a composite
 currency, the agency or organization, if any, responsible for overseeing such composite currency;

· the designation of the
 currency, currencies or currency units in which payment of principal of, and premium and interest on the debt securities will be
 made;

· if payments of principal
 of, or premium or interest on the debt securities will be made in one or more currencies or currency units other than those in which
 the debt securities are denominated, the manner in which the exchange rate with respect to these payments will be determined;

· the manner
 in which the amounts of payment of principal of, and premium, if any, or interest on the debt securities will be determined, if these
 amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
 stock exchange index or financial index;

· any provisions
 relating to any security provided for the debt securities;

· any addition
 to, deletion of or change in the Events of Default described in this prospectus or in the indenture with respect to the debt securities
 and any change in the acceleration provisions described in this prospectus or in the indenture with respect to the debt securities;

· any addition
 to, deletion of or change in the covenants described in this prospectus or in the indenture with respect to the debt securities;

· any depositaries,
 interest rate calculation agents, exchange rate calculation agents or other agents with respect to the debt securities;

· the provisions,
 if any, relating to conversion or exchange of any debt securities, including if applicable, the conversion or exchange price, the
 conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the holders thereof
 or at our option, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion
 or exchange if such debt securities are redeemed;

· any other
 terms of the debt securities, which may supplement, modify or delete any provision of the indenture as it applies to that series,
 including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of the
 securities; and

· whether
 any of our direct or indirect subsidiaries will guarantee the debt securities of that series, including the terms of subordination,
 if any, of such guarantees.

We may issue debt securities that provide for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations applicable to any of these debt securities in the applicable prospectus supplement.

If we denominate the purchase price of any of the debt securities in a foreign currency or currencies or a foreign currency unit or units, or if the principal of and any premium and interest on any series of debt securities is payable in a foreign currency or currencies or a foreign currency unit or units, we will provide you with information on the restrictions, elections, general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign currency or currencies or foreign currency unit or units in the applicable prospectus supplement.

**Transfer and Exchange**

Each debt security will be represented by either one or more global securities registered in the name of a clearing agency registered under the Exchange Act, which we refer to as the depositary, or a nominee of the depositary (we will refer to any debt security represented by a global debt security as a "book-entry debt security"), or a certificate issued in definitive registered form (we will refer to any debt security represented by a certificated security as a "certificated debt security") as set forth in the applicable prospectus supplement. Except as set forth under the heading "Global Debt Securities and Book-Entry System" below, book-entry debt securities will not be issuable in certificated form.

*Certificated Debt Securities*

You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance with the terms of the indenture. No service charge will be made for any transfer or exchange of certificated debt securities, but we may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange.

You may affect the transfer of certificated debt securities and the right to receive the principal of, and premium and interest on certificated debt securities only by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate to the new holder or the issuance by us or the trustee of a new certificate to the new holder.

*Global Debt Securities and Book-Entry System*

Each global debt security representing book-entry debt securities will be deposited with, or on behalf of, the depositary, and registered in the name of the depositary or a nominee of the depositary.

**Covenants**

We will set forth in the applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities.

**Consolidation, Merger and Sale of Assets**

We may not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person, which we refer to as a successor person, unless:

· we are
 the surviving corporation or the successor person (if other than us) is a corporation organized and validly existing under the laws
 of any U.S. domestic jurisdiction and expressly assumes our obligations on the debt securities and under the indenture; and

· immediately
 after giving effect to the transaction, no Default or Event of Default, shall have occurred and be continuing.

Notwithstanding the above, any of our subsidiaries may consolidate with, merge into or transfer all or part of its assets or properties to us.

**Events of Default**

"Event of Default" means with respect to any series of debt securities, any of the following:

· default
 in the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default
 for a period of 30 days (unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior
 to the expiration of the 30- day period);

· default
 in the payment of principal of any security of that series at its maturity;

· default
 in the performance or breach of any other covenant or warranty by us in the indenture (other than a covenant or warranty that has
 been included in the indenture solely for the benefit of a series of debt securities other than that series), which default continues
 uncured for a period of 60 days after we receive written notice from the trustee, or we and the trustee receive written notice from
 the holders of not less than 25% in principal amount of the outstanding debt securities of that series as provided in the indenture;

· certain
 voluntary or involuntary events of bankruptcy, insolvency or reorganization of us; and

· any other
 Event of Default provided with respect to debt securities of that series that is described in the applicable prospectus supplement.

No Event of Default with respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an Event of Default with respect to any other series of debt securities. The occurrence of certain Events of Default or an acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding from time to time.

We will provide the trustee written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking or propose to take in respect thereof.

If an Event of Default with respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given by the holders), declare to be due and payable immediately the principal of (or, if the debt securities of that series are discount securities, that portion of the principal amount as may be specified in the terms of that series) and accrued and unpaid interest, if any, on all debt securities of that series. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has been made, but before a judgment or decree for payment of the money due has been obtained by the trustee, the holders of a majority in principal amount of the outstanding debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the indenture. We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default.

The indenture provides that the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right or power. Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series.

No holder of any debt security of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of a receiver or trustee, or for any remedy under the indenture, unless:

· that holder
 has previously given to the trustee written notice of a continuing Event of Default with respect to debt securities of that series;
 and

· the holders
 of not less than 25% in principal amount of the outstanding debt securities of that series have made written request, and offered
 indemnity or security satisfactory to the trustee, to the trustee to institute the proceeding as trustee, and the trustee has not
 received from the holders of not less than a majority in principal amount of the outstanding debt securities of that series a direction
 inconsistent with that request and has failed to institute the proceeding within 60 days.

Notwithstanding any other provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal of, and premium and any interest on that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement of payment.

The indenture requires us, within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. If a Default or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible officer of the trustee, the trustee shall send to each securityholder of the securities of that series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a responsible officer of the trustee has knowledge of such Default or Event of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any Default or Event of Default (except in payment on any debt securities of that series) with respect to debt securities of that series if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt securities.

**Modification and Waiver**

We and the trustee may modify, amend or supplement the indenture or the debt securities of any series without the consent of any holder of any debt security:

· to cure
 any ambiguity, defect or inconsistency;

· to comply
 with covenants in the indenture described above under the heading "Consolidation, Merger and Sale of Assets";

· to provide
 for uncertificated securities in addition to or in place of certificated securities;

· to add
 guarantees with respect to debt securities of any series or secure debt securities of any series;

· to surrender
 any of our rights or powers under the indenture;

· to add
 covenants or events of default for the benefit of the holders of debt securities of any series;

· to comply
 with the applicable procedures of the applicable depositary;

· to make
 any change that does not adversely affect the rights of any holder of debt securities;

· to provide
 for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture;

· to effect
 the appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions
 of the indenture to provide for or facilitate administration by more than one trustee;

· to comply
 with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act of 1939,
 as amended (the "Trust Indenture Act");

· to add
 to, change or eliminate any provision of the indenture or the debt securities of any series in accordance with the Trust Indenture
 Act, or to comply with the provisions of The Depository Trust Company, Euroclear Bank SA/NV or Clearstream Banking, S.A. or the trustee
 with respect to provisions of the indenture or the debt securities of any series relating to transfers or exchanges of the debt securities
 of such series or beneficial interests in such securities; or

· to conform
 any provision of the indenture, insofar as it relates to the debt securities of any series, to the description of the debt securities
 of such series in the prospectus supplement relating to the offering of the debt securities of such series.

We may modify and amend the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each affected debt security then outstanding if that amendment will:

· reduce
 the amount of debt securities whose holders must consent to an amendment, supplement or waiver;

· reduce
 the rate of or extend the time for payment of interest (including default interest) on any debt security;

· reduce
 the principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed
 for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities;

· reduce
 the principal amount of discount securities payable upon acceleration of maturity;

· waive
 a default in the payment of the principal of, or premium or interest on any debt security (except a rescission of acceleration of
 the debt securities of any series by the holders of at least a majority in aggregate principal amount of the then outstanding debt
 securities of that series and a waiver of the payment default that resulted from such acceleration);

· make the
 principal of or premium or interest on any debt security payable in currency other than that stated in the debt security;

· make any
 change to certain provisions of the indenture relating to, among other things, the right of holders of debt securities to receive
 payment of the principal of, or premium and interest on those debt securities and to institute suit for the enforcement of any such
 payment; or

· waive
 a redemption payment with respect to any debt security.

Except for certain specified provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series, may, on behalf of the holders of all debt securities of that series, waive our compliance with provisions of the indenture. The holders of a majority in principal amount of the outstanding debt securities of any series, may, on behalf of the holders of all the debt securities of such series, waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal of, premium or any interest on any debt security of that series; provided, however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default that resulted from the acceleration.

**Defeasance of Debt Securities and Certain Covenants in Certain Circumstances**

*Legal Defeasance*

The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, we may be discharged from any and all obligations in respect of the debt securities of any series (subject to certain exceptions). We will be so discharged upon the irrevocable deposit with the trustee, in trust, of money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other than U.S. dollars, government obligations that issued or caused to be issued such currency, that, through the payment of interest and principal in accordance with their terms, will provide money or U.S. government obligations in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal, premium and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of those payments in accordance with the terms of the indenture and those debt securities.

This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon, such opinion shall confirm that, the holders of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to United States federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred.

*Defeasance of Certain Covenants*

The indenture provides that, unless otherwise provided by the terms of the applicable series of debt securities, upon compliance with certain conditions:

· we may
 omit to comply with the covenant described under the heading "Consolidation, Merger and Sale of Assets" and certain other
 covenants set forth in the indenture, as well as any additional covenants which may be set forth in the applicable prospectus supplement;
 and

· any omission
 to comply with those covenants will not constitute a Default or an Event of Default with respect to the debt securities of that series.

We refer to this as covenant defeasance. The conditions include:

· depositing
 with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other
 than U.S. dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment
 of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally
 recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of, premium
 and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of
 those payments in accordance with the terms of the indenture and those debt securities;

· such deposit
 will not result in a breach or violation of, or constitute a default under the indenture or any other agreement to which we are a
 party;

· no Default
 or Event of Default with respect to the applicable series of debt securities shall have occurred or is continuing on the date of
 such deposit; and

· delivering
 to the trustee an opinion of counsel to the effect that we have received from, or there has been published by, the United States
 Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change in the applicable United
 States federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the holders
 of the debt securities of that series will not recognize income, gain or loss for United States federal income tax purposes as a
 result of the deposit and related covenant defeasance and will be subject to United States federal income tax on the same amounts
 and in the same manner and at the same times as would have been the case if the deposit and related covenant defeasance had not occurred.

**No Personal Liability of Directors, Officers, Employees or Stockholders**

None of our past, present or future directors, officers, employees or stockholders, as such, will have any liability for any of our obligations under the debt securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting a debt security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws, and it is the view of the SEC that such a waiver is against public policy.

**Governing Law**

The indenture and the debt securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by the laws of the State of New York.

The indenture will provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the indenture, the debt securities or the transactions contemplated thereby.

The indenture will provide that any legal suit, action or proceeding arising out of or based upon the indenture or the transactions contemplated thereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York, and we, the trustee and the holder of the debt securities (by their acceptance of the debt securities) irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The indenture will provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party's address set forth in the indenture will be effective service of process for any suit, action or other proceeding brought in any such court. The indenture will provide that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the courts specified above and irrevocably and unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum.

**DESCRIPTION OF DEPOSITARY SHARES**

We may elect to offer fractional shares of preferred stock, or depositary shares, rather than full shares of preferred stock. If we do, we will issue to the public receipts, called depositary receipts, for depositary shares, each of which will represent a fraction of a share of a particular series of preferred stock, to be described in the applicable prospectus supplement. Unless otherwise provided in the prospectus supplement, each owner of a depositary share will be entitled to all the rights and preferences of the preferred stock represented by the depositary share, in proportion to the applicable fractional interest in a share of preferred stock represented by the depositary share. Those rights include dividend, voting, redemption, conversion and liquidation rights.

The shares of preferred stock underlying the depositary shares will be deposited with a bank or trust company selected by us to act as depositary under a deposit agreement between us, the depositary and the holders of the depositary receipts. The depositary will be the transfer agent, registrar and dividend disbursing agent for the depositary shares.

The depositary shares will be evidenced by depositary receipts issued pursuant to the depositary agreement. Holders of depositary receipts agree to be bound by the deposit agreement, which will require holders to take certain actions such as filing proof of residence and paying certain charges.

The summary of terms of the depositary shares contained in this prospectus is not complete. You should refer to the form of the deposit agreement, our certificate of incorporation and the certificate of designation for the applicable series of preferred stock that are, or will be, filed with the SEC.

**DESCRIPTION OF WARRANTS**

We may issue warrants to purchase debt securities, preferred stock, depositary shares or common stock. We may offer warrants separately or together with one or more additional warrants, debt securities, preferred stock, depositary shares or common stock, or any combination of those securities in the form of units, as described in the applicable prospectus supplement. If we issue warrants as part of a unit, the applicable prospectus supplement will specify whether those warrants may be separated from the other securities in the unit prior to the expiration date of the warrants.

The applicable prospectus supplement will describe the following terms of any warrants:

· the specific
 designation and aggregate number of, and the offering price at which we will issue, the warrants;

· the currency
 or currency units in which the offering price, if any, and the exercise price are payable;

· the date
 on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously
 exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;

· whether
 the warrants are to be sold separately or with other securities as parts of units;

· whether
 the warrants will be issued in definitive or global form or in any combination of these forms, although, in any case, the form of
 a warrant included in a unit will correspond to the form of the unit and of any security included in that unit;

· any applicable
 material U.S. federal income tax consequences;

· the identity
 of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other
 agents;

· the proposed
 listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;

· the designation
 and terms of any equity securities purchasable upon exercise of the warrants;

· the designation,
 aggregate principal amount, currency and terms of any debt securities that may be purchased upon exercise of the warrants;

· if applicable,
 the designation and terms of the debt securities, preferred stock, depositary shares or common stock with which the warrants are
 issued and the number of warrants issued with each security;

· if applicable,
 the date from and after which any warrants issued as part of a unit and the related debt securities, preferred stock, depositary
 shares or common stock will be separately transferable;

· the number
 of shares of preferred stock, the number of depositary shares or the number of shares of common stock purchasable upon exercise of
 a warrant and the price at which those shares may be purchased;

· if applicable,
 the minimum or maximum amount of the warrants that may be exercised at any one time;

· information
 with respect to book-entry procedures, if any;

· the antidilution
 provisions, and other provisions for changes to or adjustment in the exercise price, of the warrants, if any;

· any redemption
 or call provisions; and

· any additional
 terms of the warrants, including terms, procedures and limitations relating to the exchange or exercise of the warrants.

**DESCRIPTION OF SUBSCRIPTION RIGHTS**

We may issue subscription rights to purchase our common stock, preferred stock, warrants or debt securities, or units consisting of some or all of these securities. These subscription rights may be offered independently or together with any other security offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the offering, including some or all of the following:

· the price,
 if any, for the subscription rights;

· the exercise
 price payable for our common stock, preferred stock, warrants or debt securities, or units consisting of some or all of these securities,
 upon the exercise of the subscription rights;

· the number
 of subscription rights to be issued to each stockholder;

· the number
 and terms of our common stock, preferred stock, warrants or debt securities, or units consisting of some or all of these securities,
 which may be purchased per each subscription right;

· the extent
 to which the subscription rights are transferable;

· any other
 terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription
 rights;

· the date
 on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire;

· the extent
 to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities or an over-allotment
 privilege to the extent the securities are fully subscribed; and

· if applicable,
 the material terms of any standby underwriting or purchase arrangement which may be entered into by us in connection with the offering
 of subscription rights.

The descriptions of the subscription rights in this prospectus and in any prospectus supplement are summaries of the material provisions of the applicable subscription right agreements. These descriptions do not restate those subscription right agreements in their entirety and may not contain all the information that you may find useful. We urge you to read the applicable subscription right agreements because the agreements, and not the summaries, define your rights as holders of the subscription rights. For more information, please review the forms of the relevant subscription right agreements, which will be filed with the SEC promptly after the offering of subscription rights and will be available as described in the section of this prospectus captioned "Where You Can Find More Information."

**DESCRIPTION OF PURCHASE CONTRACTS**

The following description summarizes the general features of the purchase contracts that we may offer under this prospectus. Although the features we have summarized below will generally apply to any future purchase contracts we may offer under this prospectus, we will describe the particular terms of any purchase contracts that we may offer in more detail in the applicable prospectus supplement. The specific terms of any purchase contracts may differ from the description provided below as a result of negotiations with third parties in connection with the issuance of those purchase contracts, as well as for other reasons. Because the terms of any purchase contracts we offer under a prospectus supplement may differ from the terms we describe below, you should rely solely on information in the applicable prospectus supplement if that summary is different from the summary in this prospectus.

We will incorporate by reference into the registration statement, of which this prospectus is a part, the form of any purchase contract that we may offer under this prospectus before the sale of the related purchase contract. We urge you to read any applicable prospectus supplement related to specific purchase contracts being offered, as well as the complete instruments that contain the terms of the securities that are subject to those purchase contracts.

We may issue purchase contracts, including contracts obligating holders to purchase from us, and for us to sell to holders, a specific or variable number of our securities at a future date or dates. Alternatively, the purchase contracts may obligate us to purchase from holders, and obligate holders to sell to us, a specific or varying number of our securities.

If we offer any purchase contracts, certain terms of that series of purchase contracts will be described in the applicable prospectus supplement, including, without limitation, the following:

· the price
 of the securities or other property subject to the purchase contracts (which may be determined by reference to a specific formula
 described in the purchase contracts);

· whether
 the purchase contracts are issued separately, or as a part of units each consisting of a purchase contract and one or more of our
 other securities, securing the holder's obligations under the purchase contract;

· any requirement
 for us to make periodic payments to holders or vice versa, and whether the payments are unsecured or pre-funded;

· any provisions
 relating to any security provided for the purchase contracts;

· whether
 the purchase contracts obligate the holder or us to purchase or sell, or both purchase and sell, the securities subject to purchase
 under the purchase contract, and the nature and amount of each of those securities, or the method of determining those amounts;

· whether
 the purchase contracts are to be prepaid or not;

· whether
 the purchase contracts are to be settled by delivery, or by reference or linkage to the value, performance or level of the securities
 subject to purchase under the purchase contract;

· any acceleration,
 cancellation, termination or other provisions relating to the settlement of the purchase contracts;

· a discussion
 of certain U.S. federal income tax considerations applicable to the purchase contracts;

· whether
 the purchase contracts will be issued in fully registered or global form; and

· any other
 terms of the purchase contracts and any securities subject to such purchase contracts.

**DESCRIPTION OF UNITS**

We may issue units comprising two or more securities described in this prospectus in any combination. For example, we might issue units consisting of a combination of debt securities and warrants to purchase common stock. The following description sets forth certain general terms and provisions of the units that we may offer pursuant to this prospectus. The particular terms of the units and the extent, if any, to which the general terms and provisions may apply to the units so offered will be described in the applicable prospectus supplement.

Each unit will be issued so that the holder of the unit also is the holder of each security included in the unit. Thus, the unit will have the rights and obligations of a holder of each included security. Units will be issued pursuant to the terms of a unit agreement, which may provide that the securities included in the unit may not be held or transferred separately at any time or at any time before a specified date. A copy of the forms of the unit agreement and the unit certificate relating to any particular issue of units will be filed with the SEC each time we issue units, and you should read those documents for provisions that may be important to you.

The prospectus supplement relating to any particular issuance of units will describe the terms of those units, including, to the extent applicable, the following:

· the designation
 and terms of the units and the securities comprising the units, including whether and under what circumstances those securities may
 be held or transferred separately;

· any provision
 for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and

· whether
 the units will be issued in fully registered or global form.

**PLAN OF DISTRIBUTION**

We may sell the securities from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods or through underwriters or dealers, through agents and/or directly to one or more purchasers. The securities may be distributed from time to time in one or more transactions:

· at a fixed
 price or prices, which may be changed;

· at market
 prices prevailing at the time of sale;

· at prices
 related to such prevailing market prices; or

· at negotiated
 prices.

Each time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution and set forth the terms and conditions of the offering of such securities, including the offering price of the securities and the proceeds to us, if applicable.

Offers to purchase the securities being offered by this prospectus may be solicited directly. Agents may also be designated to solicit offers to purchase the securities from time to time. Any agent involved in the offer or sale of our securities will be identified in a prospectus supplement.

If a dealer is utilized in the sale of the securities being offered by this prospectus, the securities will be sold to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale.

If an underwriter is utilized in the sale of the securities being offered by this prospectus, an underwriting agreement will be executed with the underwriter at the time of sale and the name of any underwriter will be provided in the prospectus supplement that the underwriter will use to make resales of the securities to the public. In connection with the sale of the securities, we or the purchasers of securities for whom the underwriter may act as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities to or through dealers, and those dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters and/or commissions from the purchasers for which they may act as agent. Unless otherwise indicated in a prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase securities as a principal, and may then resell the securities at varying prices to be determined by the dealer.

Any compensation paid to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions or commissions allowed by underwriters to participating dealers will be provided in the applicable prospectus supplement. Underwriters, dealers and agents participating in the distribution of the securities may be deemed to be underwriters within the meaning of the Securities Act of 1933 (the "Securities Act"), and any discounts and commissions received by them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act, or to contribute to payments they may be required to make in respect thereof and to reimburse those persons for certain expenses.

Any common stock will be listed on The Nasdaq Capital Market, but any other securities may or may not be listed on a national securities exchange. To facilitate the offering of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating in the offering of more securities than were sold to them. In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by exercising their over-allotment option, if any. In addition, these persons may stabilize or maintain the price of the securities by bidding for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to dealers participating in the offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.

We may engage in at the market offerings into an existing trading market in accordance with Rule 415(a)(4) under the Securities Act. In addition, we may enter into derivative transactions with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If the applicable prospectus supplement so indicates, in connection with those derivatives, the third parties may sell securities covered by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of stock. The third party in such sale transactions will be an underwriter and, if not identified in this prospectus, will be named in the applicable prospectus supplement (or a post-effective amendment). In addition, we may otherwise loan or pledge securities to a financial institution or other third party that in turn may sell the securities short using this prospectus and an applicable prospectus supplement. Such financial institution or other third party may transfer its economic short position to investors in our securities or in connection with a concurrent offering of other securities.

The specific terms of any lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.

The underwriters, dealers and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation.

**LEGAL MATTERS**

Unless otherwise specified in a prospectus supplement, the validity of our common stock has been passed upon for us by Jones & Keller, P.C. The validity of all other securities being offered by this prospectus will be passed upon by Willkie Farr & Gallagher LLP. Additional legal matters may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.

**EXPERTS**

The audited consolidated financial statements and management's assessment of the effectiveness of internal control over financial reporting incorporated by reference in this prospectus and elsewhere in the registration statement have been so incorporated by reference in reliance upon the reports of Grant Thornton LLP, independent registered public accountants, upon the authority of said firm as experts in accounting and auditing.

The information regarding estimated quantities and quality of our proven and probable coal reserves for the Oaktown Mining Complex, and technical report summaries incorporated in this prospectus supplement by reference to the [Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm) is based, in part, on estimates included in reports provided by John T. Boyd Company.

**WHERE YOU CAN FIND MORE INFORMATION**

We are subject to the information reporting requirements of the Exchange Act and, in accordance with these requirements, we are required to file periodic reports and other information with the SEC. The SEC also maintains an Internet website at *http://www.sec.gov* that contains our filed reports, proxy and information statements, and other information we file electronically with the SEC.

Additionally, we make our SEC filings available, free of charge, on our website at *www.halladorenergy.com* as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC. The information on our website, other than the filings incorporated by reference in this prospectus, is not, and should not be, considered part of this prospectus, is not incorporated by reference into this document, and should not be relied upon in connection with making any investment decision with respect to our securities.

**INFORMATION INCORPORATED BY REFERENCE**

We are "incorporating by reference" into this prospectus certain information we file with the SEC, which means that we are disclosing important information to you by referring you to those documents. The information we incorporate by reference in this prospectus is legally deemed to be a part of this prospectus, and later information that we file with the SEC will automatically update and supersede the information included in this prospectus and the documents listed below. We incorporate the documents listed below:

· [Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 17, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm)

· Quarterly
 Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, filed
 with the SEC on [May 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025007429/hnrg-20250331x10q.htm) , [August 11, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025011085/hnrg-20250630x10q.htm) and [November 10, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465925109301/hnrg-20250930x10q.htm) , respectively;

· Current
 Reports on Form 8-K filed with the SEC on [January 7, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025000046/hnrg-20250102x8k.htm) , [May 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008111/hnrg-20250519x8k.htm) , [June 2, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008332/hnrg-20250529x8k.htm) , [June 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025008383/hnrg-20250604x8k.htm) (excluding
 information under Item 7.01), [December 4, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465925118446/hnrg-20251201x8k.htm) and [January 6, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000110465926001098/hnrg-20251230x8k.htm) (excluding information under Item 7.01);

· The Information
 specifically incorporated by reference into our [Annual Report on Form 10-K for the year ended December 31, 2024](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025003141/hnrg-20241231x10k.htm) from our [Definitive Proxy Statement on Schedule 14A filed with the SEC on April 17, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/788965/000155837025004951/hnrg-20250529xdef14a.htm) ;

· Description
 of our common stock contained in our Registration Statement on [Form S-8 Registration Statement (File No. 333-163431) filed with the Securities and Exchange Commission on December 1, 2009](https://www.sec.gov/Archives/edgar/data/788965/000078896509000029/s8dec12009.htm) , as updated by [Exhibit 4.1](https://www.sec.gov/Archives/edgar/data/788965/000155837020002242/hnrg-20191231ex415fae6a9.htm) to our Annual Report on Form 10-K
 for the fiscal year ended December 31, 2024, including any subsequent amendment or any report filed for the purpose of updating
 such description; and

· All documents
 filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the initial filing of the registration
 statement of which this prospectus forms a part until all of the securities being offered under this prospectus or any prospectus
 supplement are sold (other than reports, documents or information that are furnished and not filed with the SEC).

We will furnish without charge to you, on written or oral request, a copy of any or all of the documents incorporated by reference herein, other than exhibits to such documents that are not specifically incorporated by reference therein. You should direct any requests for documents to us at the following address or telephone number:

Hallador Energy Company<br> 1183 East Canvasback Drive<br> Terre Haute, Indiana 47802<br> (303) 839-5504

**$50,000,000**

![](tm263038d2_424b5img001.jpg)

*Hallador Energy Company*

*Common Stock*

*PROSPECTUS SUPPLEMENT*

***Sole Bookrunner***

**Texas Capital Securities**

*Co-Manager*

 **Northland Capital Markets**

**, 2026**