# EDGAR Filing Document

**Accession Number:** 0001108426
**File Stem:** 0001108426-23-000010
**Filing Date:** 2023-3
**Character Count:** 15100
**Document Hash:** d87b8b78c993758c234800a01bc6d62a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001108426-23-000010.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001108426-23-000010

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230308

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PNM RESOURCES INC
- **CENTRAL INDEX KEY:** 0001108426
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 850019030
- **STATE OF INCORPORATION:** NM
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32462
- **FILM NUMBER:** 23717656

**BUSINESS ADDRESS:**
- **STREET 1:** 414 SILVER AVE. SW
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87102-3289
- **BUSINESS PHONE:** 5052412700

**MAIL ADDRESS:**
- **STREET 1:** 414 SILVER AVE. SW
- **STREET 2:** ATTN: MS 0905 - CATHY MARTINEZ
- **CITY:** ALBUQUERQUE
- **STATE:** NM
- **ZIP:** 87102-3289

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANZANO CORP
- **DATE OF NAME CHANGE:** 20000303

?xml version="1.0" ? pnm-20230308

---

| | |
|:---|:---|
| **UNITED STATES** | **UNITED STATES** |
| **SECURITIES AND EXCHANGE COMMISSION** | **SECURITIES AND EXCHANGE COMMISSION** |
| **Washington, D.C. 20549** | **Washington, D.C. 20549** |
| **FORM** | **8-K** |
| **CURRENT REPORT** | **CURRENT REPORT** |
| **Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** | **Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934** |

---

Date of Report (Date of earliest event reported) March 8, 2023 <br> <u>(March 8, 2023)</u>

<u>Name of Registrant</u>, <u>State of Incorporation</u>, <u>Address Of Principal Executive Offices</u>, <u>Telephone Number</u>, <u>Commission File No.</u>, <u>IRS Employer Identification No.</u><br>

**PNM Resources, Inc.**

(A New Mexico Corporation)

414 Silver Ave. SW

Albuquerque, New Mexico 87102-3289

Telephone Number - (505) 241-2700

Commission File No. - 001-32462

IRS Employer Identification No. - 85-0468296

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 40.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | | |
|:---|:---|:---|:---|
| <u>Registrant</u> | <u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of exchange on which registered</u> |
| PNM Resources, Inc. | Common Stock, no par value | PNM | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 7.01**&nbsp;&nbsp;&nbsp;&nbsp;**Regulation FD Disclosure.**

As previously disclosed, on October 20, 2020, PNM Resources, Inc., a New Mexico corporation ("PNMR"), Avangrid, Inc. ("Avangrid"), a New York corporation, and NM Green Holdings, Inc., a New Mexico corporation and wholly-owned subsidiary of Avangrid ("Merger Sub"), entered into an Agreement and Plan of Merger, pursuant to which Merger Sub will merge with and into PNMR (the "Merger"), with PNMR surviving the Merger as a direct wholly-owned subsidiary of Avangrid. Also as previously disclosed, on January 3, 2022, PNMR, Avangrid, Merger Sub, Avangrid Networks, Inc. ("Avangrid Networks"), Iberdrola, S.A., the parent of Avangrid and Avangrid Networks, and Public Service Company of New Mexico (collectively, the "Joint Appellants") filed a notice of appeal with the New Mexico Supreme Court (the "Court") of their intent to appeal the New Mexico Public Regulation Commission's ("NMPRC") December 8, 2021 order rejecting the stipulation agreement and related regulatory commitments agreed to by PNMR and Avangrid which were under consideration by the NMPRC in connection with the requested approval of the Merger (the "Appeal").

On March 8, 2023, the Joint Appellants and the NMPRC filed a joint motion with the Court to dismiss the Appeal and remand the case back to the NMPRC for rehearing and reconsideration.

On March 8, 2023, PNMR issued a press release announcing the filing. A copy of that press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

**Item 8.01**&nbsp;&nbsp;&nbsp;&nbsp;**Other Events.**

The first and second paragraphs of Item 7.01 above are incorporated into this Item 8.01.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

**(d)** **Exhibits.**

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| | |
|:---|:---|
| 99.1 | [Press Release issued by PNM Resources, Inc. on March 8, 2023.](a03082023pnmrex991pressrel.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**Forward-Looking Statements**

Statements made in this Current Report on Form 8-K for PNMR that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding the potential transaction between PNMR and Avangrid, including any statements regarding the expected outcome of the Appeal, the timetable for completing the potential Merger, the ability to complete the potential Merger, the expected benefits of the potential Merger, and any other statements regarding PNMR's and Avangrid's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither Avangrid nor PNMR assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, Avangrid and PNMR caution readers not to place undue reliance on these statements. Avangrid's and PNMR's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see PNMR's Form 10-K and Form 10-Q filings and the information filed on PNMR's Forms 8-K with the Securities and Exchange Commission (the "SEC"), which factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed Merger with Avangrid, including, but not limited to: (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

------

**<u>SIGNATURE</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | |
|:---|:---|
| | **PNM RESOURCES, INC.** |
| | (Registrant) |
| Date: March 8, 2023 | /s/ Henry E. Monroy |
| | Henry E. Monroy |
| | Vice President and Corporate Controller |
| | (Officer duly authorized to sign this report) |

---

## Exhibit 99.1

Exhibit 99.1

![image_0.jpg](image_0.jpg)

**For Immediate Release**

March 8, 2023

PNM Resources and AVANGRID file joint motion with New Mexico Public Regulation Commission to dismiss merger appeal, resolve through rehearing and reconsideration

**(ALBUQUERQUE, N.M.)** – PNM Resources (NYSE: PNM) and Avangrid, Inc. have filed a joint motion, together with the New Mexico Public Regulation Commission (NMPRC), in the Joint Applicants' appeal pending at the New Mexico Supreme Court (Court) to dismiss the appeal and remand the case back to the NMPRC for rehearing and reconsideration.

Under the filed motion, the NMPRC will conduct the rehearing and reconsideration in accordance with its rules of procedure and endeavor to reach a decision and issue a final order in a timely manner. The NMPRC acknowledges that the Joint Applicants are seeking a resolution by no later than April 12, 2023. PNM Resources and Avangrid, Inc. previously entered into an amendment of their merger agreement extending the end date to April 20, 2023. The agreement can be extended 90 days by agreement from both companies.

The motion is subject to the Court's determination through an order and mandate. The motion and additional materials pertaining to the Court appeal, along with the NMPRC application for approval of the merger and amended stipulation, are available at <u>https://www.pnmresources.com/investors/rates-and-filings.aspx</u>.

**Background:**

PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2022 consolidated operating revenues of $2.2 billion. Through its regulated utilities, PNM and TNMP, PNM Resources provides electricity to more than 800,000 homes and businesses in New Mexico and Texas. PNM serves its customers with a diverse mix of generation and purchased power resources totaling 2.7 gigawatts of capacity, with a goal to achieve 100% emissions-free energy by 2040. For more information, visit the company's website at <u>www.PNMResources.com</u>.

**Contacts:**

**Analysts**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media**

Lisa Goodman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ray Sandoval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) 241-2160&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) 241-2782

**Forward-Looking Statements**

Statements made in this Current Report on Form 8-K for PNMR that relate to future events or expectations, projections, estimates, intentions, goals, targets, and strategies are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally include statements regarding the potential transaction between PNMR and Avangrid, including any statements regarding the expected outcome of the Appeal, the timetable for completing the potential Merger, the ability to complete the potential Merger, the expected benefits of the potential Merger, and any other statements regarding PNMR's and Avangrid's future expectations, beliefs, plans, objectives, results of operations, financial condition and cash flows, or future events or performance. Readers are cautioned that all forward-looking statements are based upon current expectations and estimates. Neither Avangrid nor PNMR assumes any obligation to update this information. Because actual results may differ materially from those expressed or implied by these forward-looking statements, Avangrid and PNMR caution readers not to place undue reliance on these statements. Avangrid's and PNMR's business, financial condition, cash flow, and operating results are influenced by many factors, which are often beyond its control, that can cause actual results to differ from those expressed or implied by the forward-looking statements. For a discussion of risk factors and other important factors affecting forward-looking statements, please see PNMR's Form 10-K and Form 10-Q filings and the information filed on PNMR's Forms 8-K with the Securities and Exchange Commission (the "SEC"), which

&nbsp;&nbsp;&nbsp;&nbsp;

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factors are specifically incorporated by reference herein and the risks and uncertainties related to the proposed Merger with Avangrid, including, but not limited to: (i) the expected timing and likelihood of completion of the pending Merger, including the timing, receipt and terms and conditions of required governmental and regulatory approvals of the pending Merger that could reduce anticipated benefits or cause the parties to abandon the transaction, (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (iii) the risk that the parties may not be able to satisfy the conditions to the proposed Merger in a timely manner or at all, and (iv) the risk that the proposed transaction could have an adverse effect on the ability of PNMR to retain and hire key personnel and maintain relationships with its customers and suppliers, and on its operating results and businesses generally. Other unpredictable or unknown factors not discussed in this communication could also have material adverse effects on forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;

**(END)**

&nbsp;&nbsp;&nbsp;&nbsp;

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