8-K
Mexco Energy Corp (MXC)
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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.
Dateof Report: April 10, 2023
(Date of earliest event reported)
MexcoEnergy Corporation
(Exact name of registrant as specified in its charter)
| CO | 1-31785 | 84-0627918 |
|---|---|---|
| (State<br> or other jurisdiction<br><br> <br>of<br> incorporation) | (Commission<br><br> <br>File<br> Number) | (IRS<br> Employer<br><br> <br>Identification<br> Number) |
| 415 W. Wall Street,<br><br> <br>Suite 475<br><br> <br>Midland, TX | 79701 | |
| --- | --- | |
| (Address<br> of principal executive offices) | (Zip<br> Code) |
Registrant’s
telephone number, including area code: 432-682-1119
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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting<br> material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ☐ | Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Title<br> of each class | Trading<br> Symbol(s) | Name<br> of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.50 per share | MXC | NYSE American |
Item8.01 Other Events.
On April 10, 2023, Mexco Energy Corporation issued a news release to announce that its board of directors declared a special cash dividend of $0.10 per share payable on May 15, 2023 to stockholders of record on May 1, 2023; and, authorized the repurchase of its common stock, par value $0.50, up to an aggregate purchase amount of $1,000,000. Attached as Exhibit 99.1 is a copy of the press release relating to the announcement, which is incorporated herein by reference.
Item9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
|---|---|
| Exhibit | |
| --- | --- |
| Number | Document |
| 99.1 | News release dated April 10, 2023. |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MEXCO ENERGY CORPORATION | ||
|---|---|---|
| Dated:<br> April 10, 2023 | By: | /s/ Tammy McComic |
| Tammy<br> McComic | ||
| President<br>and Chief Financial Officer |
EXHIBIT99.1
April 10, 2023
FORIMMEDIATE RELEASE
MexcoEnergy Corporation Declares Special Dividend on Common Shares
MIDLAND, TX – 04/10/2023 – Mexco Energy Corporation (NYSE American: MXC) announced today that its Board of Directors declared a special cash dividend of $0.10 per common share. The special dividend is payable May 15, 2023 to the stockholders of record at the close of business on May 1, 2023.
The Company’s Board of Directors also authorized the use of up to $1,000,000 to repurchase shares of the Company’s common stock, par value $0.50, for the treasury account. This authorization replaces the previously authorized $250,000 common stock repurchase program which had $5,506 remaining at the time it was replaced. During the year ended March 31, 2023, the Company repurchased 18,416 shares at an average price of $13.28 per share.
Mexco Energy Corporation, a Colorado corporation, is an independent oil and gas company located in Midland, Texas engaged in the acquisition, exploration and development of oil and gas properties primarily in the Permian Basin. For more information on Mexco Energy Corporation, go to www.mexcoenergy.com.
Dividendsare authorized and determined by the Company’s Board of Directors in its sole discretion. Decisions regarding the payment of dividendsare subject to a number of considerations at the time, including without limitation, the Company’s liquidity and capital resources,the Company’s results of operations and anticipated future results of operations, the level of cash reserves the Company maintainsto fund future capital expenditures or other needs, and other factors that the Board of Directors deems relevant. The Company can provideno assurance that dividends will be authorized or declared in the future or the amount of any future dividends.
Amountauthorized for the repurchase program is determined by the Company’s Board of Directors in its sole discretion. Under Mexco EnergyCorporation’s common stock repurchase program, the Company may repurchase shares in accordance with applicable securities laws.The stock repurchase program does not have an expiration date and may be modified, suspended or terminated at any time by the Board ofDirectors.
For additional information, please contact: Tammy L. McComic, President and Chief Financial Officer, at Mexco Energy Corporation, (432) 682-1119.