# EDGAR Filing Document

**Accession Number:** 0000319458
**File Stem:** 0001437749-23-004907
**Filing Date:** 2023-2
**Character Count:** 14005
**Document Hash:** 678dc03a64bd65e5e77ed010c90b7e01
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-004907.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001437749-23-004907

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230222

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enservco Corp
- **CENTRAL INDEX KEY:** 0000319458
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL, GAS FIELD SERVICES, NBC [1389]
- **IRS NUMBER:** 840811316
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36335
- **FILM NUMBER:** 23685144

**BUSINESS ADDRESS:**
- **STREET 1:** 999 18TH ST
- **STREET 2:** SUITE 1925N
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 303-333-3678

**MAIL ADDRESS:**
- **STREET 1:** 999 18TH ST
- **STREET 2:** SUITE 1925N
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASPEN EXPLORATION CORP
- **DATE OF NAME CHANGE:** 19920703

ensv20230228_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM **8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report **February 22, 2023**

*(Date of earliest event reported)*

![ensv20230228_8kimg001.jpg](ensv20230228_8kimg001.jpg)

**Enservco Corporation**

*(Exact name of registrant as specified in its charter)*

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36335** | **84-0811316** |
| *(State or other jurisdiction of*<br> *incorporation)* | *(Commission File Number)* | *(IRS Employer Identification No.)* |

---

**14133 County Road 9**½

**Longmont**, **Colorado 80504**

*(Address of principal executive offices) (Zip Code)*

**(**303**) **333-3678**

*(Registrant*'*s telephone number, including area code)*

*(Former name or former address, if changed since last report)*

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 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br> registered |
| Common Stock, $0.005 par value | ENSV | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. ☐

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 1.01 Entry into a Material Definitive Agreement**

On February 22, 2023, the Enservco Corporation, a Delaware corporation (the "Company") entered into the Securities Purchase Agreement with certain investors ("Investors"), pursuant to which the Company agreed to issue and sell to the Investors in a best-efforts public offering (the "Offering") (i) 3,900,000 shares of Company common stock, (ii) pre-funded warrants to purchase 3,100,000 shares of Company common stock and (iii) common warrants to purchase 7,000,000 shares of Company common stock. The shares of common stock, or pre-funded warrants in lieu thereof, and the common warrants were sold in units, with each unit consisting of one share of common stock or one pre-funded warrant in lieu thereof and one common warrant. Each unit comprised of common stock and common warrants were sold at a per unit price of $0.50. Each unit comprised of pre-funded warrants and common warrants were sold at a per unit price of $0.495, which represents the same per unit price less the $0.005 per share exercise price of the pre-funded warrants. The Common Warrants are exercisable at a price of $0.55 per share, and have a five year term.

The Securities Purchase Agreement contains customary conditions to closing, representations and warranties of the Company, and termination rights of the parties, as well as certain indemnification obligations of the Company and ongoing covenants of the Company. Pursuant to the Securities Purchase Agreement, the Company has also agreed not to offer, issue, sell, contract to sell, or grant any option for the sale of or otherwise dispose of the Company's securities for a period of 90 days following the closing of the Offering. The Company has further agreed not to enter into any variable rate transaction for a period of 12 months following the closing of the Offering; provided, however, that this restriction only applies from the date of the Securities Purchase Agreement until the six (6) months following the closing date of the offering with respect to an at-the-market offering.

The Offering closed on February 27, 2023. The aggregate gross proceeds from the Offering are approximately $3,500,000.00 before deducting Placement Agent fees and other offering expenses payable by the Company. The Company currently intends to use the net proceeds from the Offering for general corporate purposes, which may include repayment of debt, and potential acquisitions.

A.G.P./Alliance Global Partners acted as the sole placement agent (the "Placement Agent") on a "reasonable best efforts" basis in connection with the Offering pursuant to a Placement Agency Agreement, dated February 22, 2023, by and between the Company and the Placement Agent (the "Placement Agency Agreement"). Pursuant to the Placement Agency Agreement, the Company paid the Placement Agent a cash fee of six percent (6%) of the gross proceeds of the Offering. The Company also paid expenses of accountable legal fees and other reasonable and documented out-of-pocket expenses incurred by the Placement Agent in connection with the Offering in the amount of $80,000, and non-accountable expenses equal to $15,000.

The Shares, the Pre-Funded Warrants, and the Common Warrants and the underlying shares of common stock were offered and sold pursuant to the Company's Registration Statement on Form S-1 (Registration No. 333- 269265), which was initially filed on January 17, 2023, amended on February 7, 2023, February 10, 2023, and February 13, 2023, and declared effective on February 14, 2023 by the Securities and Exchange Commission.

The foregoing descriptions of the Placement Agency Agreement, Securities Purchase Agreement, Pre-Funded Warrant, and Common Warrant do not purport to be complete, and are qualified in their entirety by reference to the full text of each document, which are attached as exhibits to this Current Report on Form 8-K, which are incorporated herein by reference.

**Item 8.01 Other Events**

On February 23, 2023, the Company issued a press release announcing the Offering. A copy of this press release is attached to this Current Report on Form 8-K as Exhibit 99.1, and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits** 

**(d) Exhibits**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **<u>Exhibit Number</u>** | &nbsp;&nbsp;&nbsp; **<u>Description</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp; [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.4 to the Company's Registration Statement on Form S-1/A (File No.333- 269265) filed on February 7, 2023)](http://www.sec.gov/Archives/edgar/data/319458/000143774923002626/ex_470852.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp; [Form of Common Warrant (incorporated by reference to Exhibit 4.3 to the Company's Registration Statement on Form S-1/A (File No. 333-269265) filed on February 7, 2023)](http://www.sec.gov/Archives/edgar/data/319458/000143774923002626/ex_470851.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | &nbsp;&nbsp;&nbsp; [Placement Agency Agreement (incorporated by reference to Exhibit 1.1 to the Company's Registration Statement on Form S-1/A (File No. 333-269265) filed on February 7, 2023)](http://www.sec.gov/Archives/edgar/data/319458/000143774923002626/ex_470850.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | &nbsp;&nbsp;&nbsp; [Form of Securities Purchase Agreement (incorporated by reference to Exhibit 4.5 to the Company's Registration Statement on Form S-1/A (File No. 333-269265) filed on February 13, 2023)](http://www.sec.gov/Archives/edgar/data/319458/000143774923002626/ex_471926.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;99.1 | &nbsp;&nbsp;&nbsp; [Press Release dated February 23, 2023](ex_481881.htm) |
| &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 28, 2023.

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| | |
|:---|:---|
| **Enservco Corporation** | **Enservco Corporation** |
| By: | /s/ Richard A. Murphy |
|  | Richard A. Murphy, Executive Chair and CEO |

---

## Exhibit 99.1

**Exhibit 99.1**

![pic1.jpg](pic1.jpg)

**Enservco Corporation Announces Pricing of $3.5 Million Public Offering**

DENVER, CO – February 23, 2023 – Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced the pricing of its "best efforts" public offering of 7,000,000 shares of common stock (or common stock equivalents) together with common warrants to purchase up to 7,000,000 shares of common stock at a combined public offering price of $0.50 per share and accompanying warrant. The common warrants will have an exercise price of $0.55 per share, will be exercisable immediately following the date of issuance and will expire five years from the date of issuance. Enservco expects to receive gross proceeds of approximately $3.5 million, before deducting placement agent fees and other estimated offering expenses.

The offering is expected to close on or about February 27, 2023, subject to customary closing conditions. Enservco intends to use the net proceeds from this offering for general corporate purposes, which may include repayment of debt and potential acquisitions.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The offering is being conducted pursuant to Enservco's registration statement on Form S-1 (File No. 333-269265) previously filed with the Securities and Exchange Commission ("SEC") and declared effective on February 14, 2023. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

**About Enservco**

Through its various operating subsidiaries, Enservco provides a wide range of oilfield services, including hot oiling, acidizing, frac water heating and related services. The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming and West Virginia. Additional information is available at <u>www.enservco.com</u>

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**Cautionary Note Regarding Forward-Looking Statements**

This news release contains information that is "forward-looking" in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," "intends," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco's annual report on Form 10-K for the year ended December 31, 2021, and the Registration Statement on Form S-1 declared effective February 14, 2023. Forward looking statements in this news release that are subject to risk include the Company's ability to close on the public offering as described herein. Enservco disclaims any obligation to update any forward-looking statement made herein, except as required by law.

Contacts:

Mark Patterson

Chief Financial Officer

Enservco Corporation

<u>mpatterson@enservco.com</u>

Jay Pfeiffer

Pfeiffer High Investor Relations, Inc.

Phone: 303-880-9000

Email: <u>jay@pfeifferhigh.com</u>