SEC Form 4
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
BATTALION OIL CORP [ BATL ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 05/13/2024 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Series A-4 Redeemable Convertible Preferred Stock | (6) | 05/13/2024 | A | 6,376 | (7) | (8)(9) | Common Stock | (7) | (5) | 6,376 | I | See footnotes(1)(2)(3)(4) | |||
1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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1. Name and Address of Reporting Person*
(Street)
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| Explanation of Responses: |
| 1. This Form 4 is being filed jointly by (each, a "Reporting Person" and, collectively, the "Reporting Persons") (i) OCM HLCN Holdings, L.P. ("OCM HLCN"), (ii) Oaktree Fund GP, LLC ("Fund GP"), in its capacity as the general partner of OCM HLCN, (iii) Oaktree Fund GP I, L.P. ("Fund GP I"), in its capacity as the managing member of Fund GP, (iv) Oaktree Capital I, L.P. ("Capital I"), in its capacity as the general partner of Fund GP I, (v) Brookfield OCM Holdings II, LLC (f/k/a OCM Holdings I, LLC) ("Holdings II"), in its capacity as general partner of Capital I, (vi) Brookfield OCM Holdings, LLC (f/k/a Oaktree Holdings, LLC) ("Holdings LLC"), in its capacity as the managing member of Holdings II, (vii) Brookfield Oaktree Holdings, LLC (f/k/a Oaktree Capital Group, LLC) ("BOH"), in its capacity as managing member of Holdings LLC, (viii) Oaktree Capital Group Holdings GP, LLC ("OCGH GP"), in its capacity as the indirect owner of the class B units of BOH, |
| 2. (cont.) (ix) Brookfield Corporation ("Brookfield"), in its capacity as the indirect owner of class A units of BOH, and (x) BAM Partners Trust ("BAM Partnership"), in its capacity as the sole owner of class B limited voting shares of Brookfield. Brookfield Oaktree Holdings, LLC is managed by its ten-member board of directors. OCGH GP, in its capacity as the indirect owner of the class B units of BOH, and Brookfield, in its capacity as the indirect owner of the class A units of BOH, each have the ability to appoint and remove certain directors of BOH and, as such, may indirectly control the decisions of BOH regarding the vote and disposition of securities held by OCM HLCN. BAM Partnership, in its capacity as the sole owner of Class B Limited Voting Shares of Brookfield, has the ability to appoint and remove certain directors of Brookfield and, as such, may indirectly control the decisions of Brookfield regarding the vote and disposition of securities held by OCM HLCN. |
| 3. (cont.) The securities reported herein are directly beneficially owned by OCM HLCN. |
| 4. Each of the Reporting Persons expressly disclaims beneficial ownership of the equity securities reported herein, except to the extent of their respective pecuniary interests therein, and the filing of this Form 4 shall not be construed as an admission that any such Reporting Person is the beneficial owner of any equity securities covered by this Form 4. |
| 5. Pursuant to a Purchase Agreement dated as of May 13, 2024 (the "Series A-4 Purchase Agreement"), on May 13, 2024 (the "Issuance Date"), OCM HLCN acquired from the Issuer 6,376 shares of Series A-4 Redeemable Convertible Preferred Stock of the Issuer, par value $0.0001 per share (the "Series A-4 Preferred Shares") convertible into shares of Common Stock for an aggregate purchase price of approximately $6.2 million. |
| 6. Pursuant to the Certificate of Designations contemplated by the Series A-4 Purchase Agreement (the "Series A-4 Certificate of Designations"), the conversion price of the Series A-4 Preferred Shares is $6.42 per share and is subject to adjustment for stock splits, combinations, certain distributions or similar events in accordance with the terms of the Series A-4 Certificate of Designations. |
| 7. Subject to the terms and conditions of the Series A-4 Certificate of Designations, commencing on September 10, 2024, all or any portion of the Series A-4 Preferred Shares may be converted by OCM HLCN at any time into Common Stock at the Conversion Ratio. The "Conversion Ratio", for each Series A-4 Preferred Share is the quotient of (i) the then-applicable liquidation preference (as determined in accordance with the Series A-4 Certificate of Designations) and (ii) the then-applicable conversion price. |
| 8. The Series A-4 Preferred Shares have no expiration date. If based on the Issuer's financial statements for any fiscal quarter and a reserve report as of the same date, as of such date: (x) the PDP PV-20 value (as determined in accordance with the Series A-4 Certificate of Designations) divided by (y) the number of outstanding shares of Common Stock, calculated on a fully diluted basis is equal to or exceeds 130% of the Conversion Price, then the Issuer may, from time to time until such time that the foregoing conditions are no longer satisfied or a Material Adverse Effect (as defined in the Series A-4 Purchase Agreement) has occurred since the date of the most financial statements that met the foregoing conditions, cause the conversion of all or any portion of the Series A-4 Preferred Shares into Common Stock using the then-applicable Conversion Ratio. |
| 9. The Series A-4 Preferred Shares are also subject to redemption by the Issuer at any time following the Issuance Date in accordance with the terms of the Series A-4 Certificate of Designations. In the event of a change of control transaction, the Series A-4 Preferred Shares are subject to redemption or conversion in accordance with the terms of the Series A-4 Certificate of Designations. |
| BROOKFIELD OAKTREE HOLDINGS, LLC By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| BROOKFIELD OCM HOLDINGS II, LLC By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| BROOKFIELD OCM HOLDINGS, LLC By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| OAKTREE CAPITAL GROUP HOLDINGS GP, LLC By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| OAKTREE CAPITAL I, L.P. By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| OAKTREE FUND GP I, L.P. By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| OAKTREE FUND GP, LLC By: Oaktree Fund GP I, L.P. Its: Managing Member By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| OCM HLCN HOLDINGS, L.P. By: Oaktree Fund GP, LLC Its: General Partner By: Oaktree Fund GP I, L.P. Its: Managing Member By: /s/ Henry Orren Name: Henry Orren Title: Senior Vice President | 05/15/2024 | |
| BAM PARTNERS TRUST, by its trustee BAM CLASS B PARTNERS INC. By: /s/ Kathy Sarpash Name: Kathy Sarpash Title: Secretary | 05/15/2024 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||