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STOCK TITAN

[S-8] Prairie Operating Co. Employee Benefit Plan Registration

Filing Impact
(No impact)
Filing Sentiment
(Neutral)
Form Type
S-8
Rhea-AI Filing Summary

Prairie Operating Co. (PROP) filed a Form S-8 on 27 June 2025 to register an additional 7,500,000 shares of common stock for issuance under its 2024 Amended & Restated Long-Term Incentive Plan. Combined with the 7.5 million shares registered in April 2024, the plan now covers up to 15 million shares. The company is classified as a non-accelerated filer and smaller reporting company. Aside from customary exhibits and legal opinions, the filing incorporates previously filed annual, quarterly and current reports by reference and contains no new financial results. If and when granted, the newly registered shares will serve as equity-based compensation and could dilute existing shareholders.

Prairie Operating Co. (PROP) ha presentato un modulo Form S-8 il 27 giugno 2025 per registrare ulteriori 7.500.000 azioni ordinarie da emettere nell'ambito del suo Piano Incentivi a Lungo Termine Modificato e Ristabilito 2024. Sommando le 7,5 milioni di azioni registrate nell'aprile 2024, il piano ora copre fino a 15 milioni di azioni. La società è classificata come non-accelerated filer e smaller reporting company. Oltre agli allegati consueti e pareri legali, la documentazione incorpora per riferimento i rapporti annuali, trimestrali e correnti già presentati e non contiene nuovi risultati finanziari. Se e quando saranno concesse, le azioni appena registrate serviranno come compensazione basata su equity e potrebbero diluire gli azionisti esistenti.

Prairie Operating Co. (PROP) presentó un Formulario S-8 el 27 de junio de 2025 para registrar 7.500.000 acciones adicionales de acciones ordinarias para su emisión bajo su Plan de Incentivos a Largo Plazo Modificado y Restablecido de 2024. Sumadas a las 7,5 millones de acciones registradas en abril de 2024, el plan ahora cubre hasta 15 millones de acciones. La empresa está clasificada como non-accelerated filer y smaller reporting company. Además de los anexos habituales y opiniones legales, la presentación incorpora por referencia los informes anuales, trimestrales y actuales previamente presentados y no contiene nuevos resultados financieros. Si se conceden, las acciones recién registradas servirán como compensación basada en acciones y podrían diluir a los accionistas existentes.

Prairie Operating Co. (PROP)� 2025� 6� 27일에 2024� 개정 � 재정비된 장기 인센티브 계획� 따라 추가� 7,500,000주의 보통주를 등록하기 위해 Form S-8� 제출했습니다. 2024� 4월에 등록� 750� 주와 합쳐 � 계획은 이제 최대 1,500�주를 포함합니�. 회사� 비가� 신고�(non-accelerated filer)소규� 보고 회사(smaller reporting company)� 분류되어 있습니다. 일반적인 부속서와 법률 의견 외에�, 제출 서류� 이전� 제출� 연간, 분기 � 현재 보고서를 참조� 포함하며 새로� 재무 결과� 포함하지 않습니다. 승인� 경우, 새로 등록� 주식은 주식 기반 보상으로 사용되어 기존 주주들의 지� 희석 가능성� 있습니다.

Prairie Operating Co. (PROP) a déposé un formulaire S-8 le 27 juin 2025 pour enregistrer 7 500 000 actions ordinaires supplémentaires en vue de leur émission dans le cadre de son Plan d'Incitation à Long Terme modifié et révisé de 2024. Combiné aux 7,5 millions d'actions enregistrées en avril 2024, le plan couvre désormais jusqu'à 15 millions d'actions. La société est classée comme non-accelerated filer et smaller reporting company. Outre les annexes habituelles et avis juridiques, le dépôt intègre par référence les rapports annuels, trimestriels et actuels précédemment déposés et ne contient aucun nouveau résultat financier. Si elles sont accordées, les actions nouvellement enregistrées serviront de compensation basée sur des actions et pourraient diluer les actionnaires existants.

Prairie Operating Co. (PROP) reichte am 27. Juni 2025 ein Formular S-8 ein, um weitere 7.500.000 Stammaktien zur Ausgabe im Rahmen seines überarbeiteten und neu gefassten Langfrist-Anreizplans 2024 zu registrieren. Zusammen mit den im April 2024 registrierten 7,5 Millionen Aktien umfasst der Plan nun bis zu 15 Millionen Aktien. Das Unternehmen ist als non-accelerated filer und smaller reporting company eingestuft. Neben den üblichen Anlagen und Rechtsgutachten enthält die Einreichung durch Verweis bereits eingereichte Jahres-, Quartals- und aktuelle Berichte und keine neuen Finanzergebnisse. Falls und wenn die neuen Aktien gewährt werden, dienen sie als aktienbasierte Vergütung und könnten die bestehenden Aktionäre verwässern.

Positive
  • Enhanced talent retention: Expanding the LTIP increases flexibility to award equity, helping Prairie Operating Co. attract and retain experienced energy professionals.
  • Alignment of interests: Well-structured stock-based compensation can better align executives with shareholder value creation.
Negative
  • Potential dilution: Registration of 7.5 million additional shares could dilute existing PROP shareholders once awards are granted and exercised.
  • Lack of new financial data: Filing offers no incremental insight into current operating performance.

Insights

TL;DR � Routine S-8; authorizes 7.5 M more shares, creating potential dilution but improves compensation flexibility.

The registration adds another 7.5 million shares to the incentive pool, doubling the shares available under the Long-Term Incentive Plan to 15 million. From a valuation standpoint, the filing itself has no immediate P&L effect, but the eventual issuance of these shares represents incremental dilution. Without the current share count, exact impact cannot be quantified, yet for smaller-cap issuers such an amount can be meaningful. On the positive side, expanding the pool supports retention of key personnel, which is critical for an oil & gas operator competing for technical talent. Net impact is neutral-to-slightly dilutive; investors should monitor subsequent Form 4s and quarterly reports to gauge actual issuance.

TL;DR � Filing signals board’s commitment to equity incentives; shareholder dilution risk manageable if grants align with performance.

The board, led by CEO Edward Kovalik, is leveraging Form S-8 to expand the 2024 LTIP. Properly structured equity awards can align management with owners, especially valuable for growth-oriented E&P firms. Governance checks include previously disclosed bylaws and charter amendments, all incorporated here. Investors should scrutinize upcoming proxy materials for grant sizes, vesting schedules and performance hurdles to ensure dilution yields proportional value creation. Overall impact is routine and governance-neutral at this stage.

Prairie Operating Co. (PROP) ha presentato un modulo Form S-8 il 27 giugno 2025 per registrare ulteriori 7.500.000 azioni ordinarie da emettere nell'ambito del suo Piano Incentivi a Lungo Termine Modificato e Ristabilito 2024. Sommando le 7,5 milioni di azioni registrate nell'aprile 2024, il piano ora copre fino a 15 milioni di azioni. La società è classificata come non-accelerated filer e smaller reporting company. Oltre agli allegati consueti e pareri legali, la documentazione incorpora per riferimento i rapporti annuali, trimestrali e correnti già presentati e non contiene nuovi risultati finanziari. Se e quando saranno concesse, le azioni appena registrate serviranno come compensazione basata su equity e potrebbero diluire gli azionisti esistenti.

Prairie Operating Co. (PROP) presentó un Formulario S-8 el 27 de junio de 2025 para registrar 7.500.000 acciones adicionales de acciones ordinarias para su emisión bajo su Plan de Incentivos a Largo Plazo Modificado y Restablecido de 2024. Sumadas a las 7,5 millones de acciones registradas en abril de 2024, el plan ahora cubre hasta 15 millones de acciones. La empresa está clasificada como non-accelerated filer y smaller reporting company. Además de los anexos habituales y opiniones legales, la presentación incorpora por referencia los informes anuales, trimestrales y actuales previamente presentados y no contiene nuevos resultados financieros. Si se conceden, las acciones recién registradas servirán como compensación basada en acciones y podrían diluir a los accionistas existentes.

Prairie Operating Co. (PROP)� 2025� 6� 27일에 2024� 개정 � 재정비된 장기 인센티브 계획� 따라 추가� 7,500,000주의 보통주를 등록하기 위해 Form S-8� 제출했습니다. 2024� 4월에 등록� 750� 주와 합쳐 � 계획은 이제 최대 1,500�주를 포함합니�. 회사� 비가� 신고�(non-accelerated filer)소규� 보고 회사(smaller reporting company)� 분류되어 있습니다. 일반적인 부속서와 법률 의견 외에�, 제출 서류� 이전� 제출� 연간, 분기 � 현재 보고서를 참조� 포함하며 새로� 재무 결과� 포함하지 않습니다. 승인� 경우, 새로 등록� 주식은 주식 기반 보상으로 사용되어 기존 주주들의 지� 희석 가능성� 있습니다.

Prairie Operating Co. (PROP) a déposé un formulaire S-8 le 27 juin 2025 pour enregistrer 7 500 000 actions ordinaires supplémentaires en vue de leur émission dans le cadre de son Plan d'Incitation à Long Terme modifié et révisé de 2024. Combiné aux 7,5 millions d'actions enregistrées en avril 2024, le plan couvre désormais jusqu'à 15 millions d'actions. La société est classée comme non-accelerated filer et smaller reporting company. Outre les annexes habituelles et avis juridiques, le dépôt intègre par référence les rapports annuels, trimestriels et actuels précédemment déposés et ne contient aucun nouveau résultat financier. Si elles sont accordées, les actions nouvellement enregistrées serviront de compensation basée sur des actions et pourraient diluer les actionnaires existants.

Prairie Operating Co. (PROP) reichte am 27. Juni 2025 ein Formular S-8 ein, um weitere 7.500.000 Stammaktien zur Ausgabe im Rahmen seines überarbeiteten und neu gefassten Langfrist-Anreizplans 2024 zu registrieren. Zusammen mit den im April 2024 registrierten 7,5 Millionen Aktien umfasst der Plan nun bis zu 15 Millionen Aktien. Das Unternehmen ist als non-accelerated filer und smaller reporting company eingestuft. Neben den üblichen Anlagen und Rechtsgutachten enthält die Einreichung durch Verweis bereits eingereichte Jahres-, Quartals- und aktuelle Berichte und keine neuen Finanzergebnisse. Falls und wenn die neuen Aktien gewährt werden, dienen sie als aktienbasierte Vergütung und könnten die bestehenden Aktionäre verwässern.

 

As filed with the Securities and Exchange Commission on June 27, 2025

 

Registration No. 333-                

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM S-8

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

Prairie Operating Co.

(Exact name of registrant as specified in its charter)

 

Delaware   98-0357690

(State or Other Jurisdiction

of Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

     

55 Waugh Drive, Suite 400

Houston, Texas

  77007
(Address of Principal Executive Offices)   (Zip Code)

 

2024 AMENDED & RESTATED PRAIRIE OPERATING CO.

LONG-TERM INCENTIVE PLAN

(Full title of the plan)

 

Edward Kovalik

Chief Executive Officer

55 Waugh Drive, Suite 400

Houston, Texas 77007

(Name and address of agent for service)

 

(713) 424-4247

(Telephone number, including area code, of agent for service)

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

Large accelerated filer Accelerated filer
Non-accelerated filer Smaller reporting company
    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 7(a)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”). ☐

 

 

 

 

 

 

EXPLANATORY NOTE

 

This Registration Statement on Form S-8 (this “Registration Statement”) is being filed by Prairie Operating Co. (the “Company” or “Registrant”) to register an additional 7,500,000 shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), that may be issued under the 2024 Amended & Restated Prairie Operating Co. Long-Term Incentive Plan (as may be amended from time to time, the “Plan”). These shares are in addition to the 7,500,000 shares of Common Stock that may be issued under the Plan pursuant to the Company’s Registration Statement on Form S-8 (File No. 333-278889) (the “2024 Registration Statement”) filed with the Securities and Exchange Commission (the “Commission”) on April 23, 2024. Pursuant to General Instruction E to Form S-8 under the Securities Act of 1933, as amended, the contents of the 2024 Registration Statement are incorporated by reference into this Registration Statement, except to the extent supplemented, amended and superseded by the information set forth herein.

 

 

 

 

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

 

Item 3. Incorporation of Documents by Reference.

 

Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, the following documents have been filed by the Registrant with the Commission and are incorporated by reference into this Registration Statement and will be deemed to be a part hereof:

 

  (a) The Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on March 6, 2025;
     
  (b) The Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Commission on May 15, 2025;
     
  (c) The Registrant’s Current Reports on Form 8-K, filed with the Commission on February 7, 2025, March 12, 2025, March 17, 2025, March 24, 2025/March 24, 2025 (two reports), March 26, 2025, April 1, 2025, May 9, 2025, June 6, 2025 and June 20, 2025;
     
  (d) The description of the Registrant’s common stock filed as Exhibit 4.6 to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on March 6, 2025, including any amendment or report filed for the purpose of updating such description; and
     
  (e) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since December 31, 2024.

 

Except to the extent that information is deemed furnished and not filed pursuant to securities laws and regulations, all documents filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than any such documents or portions thereof that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K, unless otherwise indicated therein, including any exhibits included with such Items) subsequent to the date hereof and prior to the filing of a post-effective amendment that indicates that all securities offered have been sold or that deregisters all securities then remaining unsold shall also be deemed to be incorporated by reference herein and to be a part hereof from the dates of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

 

Item 8. Exhibits.

 

The exhibits to this Registration Statement are listed in the Exhibit Index to this Registration Statement, which precedes such exhibits and is incorporated herein by reference.

 

2

 

 

EXHIBIT INDEX

 

Exhibit Number

 

Description

4.1   Second Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2024).
4.2   Amended and Restated Bylaws of Prairie Operating Co. (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed with the SEC on May 9, 2023).
4.3   Certificate of Designation of Preferences, Rights and Limitations of Series D Convertible Preferred Stock (incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K, filed with the SEC on May 9, 2023).
4.4   Certificate of Designation of Preferences, Rights and Limitations of Series E Convertible Preferred Stock (incorporated by reference to Exhibit 3.1 of the amendment to the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023).
4.5   Certificate of Amendment to the Certificate of Designation of Series E Convertible Preferred Stock of Prairie Operating Co. (incorporated by reference to Exhibit 3.3 of the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2024).
4.6   Certificate of Amendment to the Certificate of Designation of Series D Convertible Preferred Stock of Prairie Operating Co. (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K, filed with the SEC on August 20, 2024).
4.7   Form of Series D PIPE Warrant (incorporated by reference to Exhibit C of Exhibit 10.2 of the Company’s Current Report on Form 8-K, filed with the SEC on May 4, 2023).
4.8   Form of Exok Warrant (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023).
4.9   Form of Series E A Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023).
4.10   Form of Series E B Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed with the SEC on August 18, 2023).
4.11   Form of Common Stock Purchase Warrant issued by Prairie Operating Co. to the Noteholders (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed with the SEC on October 4, 2024).
4.12   2024 Amended & Restated Prairie Operating Co. Long-Term Incentive Plan (incorporated by reference herein to Registrant’s Current Report on Form 8-K, filed with the Commission on June 10, 2024).
4.13   Amendment No. 1 to the 2024 Amended & Restated Prairie Operating Co. Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed with the SEC on June 6, 2025).
5.1*   Opinion of Norton Rose Fulbright US LLP as to the legality of the securities being registered.
23.1*   Consent of Ham, Langston & Brezina, L.L.P.
23.2*   Consent of Cawley, Gillespie & Associates, Inc.
23.3*   Consent of Plante & Moran, PLLC.
23.4*   Consent of Norton Rose Fulbright US LLP (included as part of its opinion filed as Exhibit 5.1).
24.1*   Power of Attorney (included as part of the signature pages to this Registration Statement).
107.1*   Calculation of Filing Fee Table.

 

* Filed herewith.

 

3

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Houston, Texas, on June 27, 2025.

 

  PRAIRIE OPERATING CO.
   
  By: /s/ Edward Kovalik
  Name: Edward Kovalik
  Title: Chief Executive Officer

 

POWER OF ATTORNEY

 

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities indicated on June 27, 2025, each person whose signature appears below appoints Edward Kovalik and Gary C. Hanna, and each of them, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and any additional registration statement (including any amendment thereto) for this offering that is to be effective upon filing pursuant to Rule 462(b) under the Securities Act, and to file the same, with all exhibits thereto, and all other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or would do in person, hereby ratifying and confirming all that said attorney-in-fact and agent or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

 

Signature

 

Title

     
/s/ Edward Kovalik    
Edward Kovalik  

Chief Executive Officer and Chairman

    (Principal Executive Officer)
     

/s/ Gregory S. Patton

   
Gregory S. Patton   Executive Vice President and Chief Financial Officer
    (Principal Financial and Principal Accounting Officer)
     
/s/ Gary C. Hanna    
Gary C. Hanna   President and Director
     
/s/ Gizman I. Abbas    
Gizman I. Abbas   Director
     
/s/ Richard N. Frommer    
Richard N. Frommer   Director
     
/s/ Jonathan H. Gray    
Jonathan H. Gray   Director
     
/s/ Stephen Lee    
Stephen Lee   Director
     
/s/ Erik Thoresen    
Erik Thoresen   Director

 

4

 

FAQ

Why did Prairie Operating Co. (PROP) file Form S-8 on 27 June 2025?

To register 7,500,000 additional common shares for issuance under its 2024 Amended & Restated Long-Term Incentive Plan.

How many total shares are now available under PROP’s 2024 LTIP?

After this filing, the plan covers up to 15 million common shares (7.5 M previously registered plus 7.5 M newly registered).

Will the new shares immediately dilute PROP shareholders?

No. Dilution occurs only when awards are granted and subsequently vested or exercised, not upon registration.

What filer status did PROP indicate in the S-8?

Prairie Operating Co. classified itself as a non-accelerated filer and smaller reporting company.

Does the S-8 include any new financial statements or earnings data?

No. The filing incorporates previous SEC reports by reference and introduces no new financial results.
Prairie Operating

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150.77M
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6.21%
Oil & Gas E&P
Crude Petroleum & Natural Gas
United States
HOUSTON