Callan JMB shareholders approve potential issuance of 4,761,905 shares for Reger Oil deal
CJMB•Callan JMB shareholders authorized a potential issuance of up to 4,761,905 common shares through conversion of 1,000 Series A preferred shares at $2.10 each, for a planned asset acquisition tied to the Reger Oil deal. They also amended the 2024 equity incentive plan.
1. Share issuance approved
Majority stockholders acted by written consent on Aug. 8, 2026, authorizing two corporate actions without a meeting. The approval cleared Nasdaq’s 20% issuance limits for a planned asset acquisition tied to issuing 1,000 shares of Series A Perpetual Convertible Preferred Stock. The preferred shares have a fixed conversion price of $2.10 per common share, allowing for up to 4,761,905 common shares upon conversion.
2. Equity plan amended
Stockholders also amended the 2024 equity incentive plan to set its share pool at 15% of outstanding shares, with a board-set annual evergreen increase beginning Jan. 1, 2027.
