Nacco Industries Inc 8-K, filed Dec 5, 2022
Nacco Industries Inc (NC)
8-K
2022-12-05
For: 2022-12-01
View Original
Added on
April 07, 2026
About this 8-K
Nacco Industries Inc filed this 8-K on December 5, 2022, reporting on events of December 1, 2022.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
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Item 8.01 Other Events.
On December 1, 2022, HLCP Ethanol Holdco, LLC (“HLCP”) completed the acquisition of Midwest AgEnergy Group, LLC (“MAG”), a North Dakota-based ethanol business. NACCO Industries® (“NACCO”) held a minority equity interest in MAG. Upon closing of the transaction, NACCO transferred its ownership interest in MAG to HLCP and received a cash payment of $18.6 million. In addition, amounts are being held in escrow with respect to a potential working capital adjustment to be settled within 60 days of closing as well as to address any potential indemnity obligations through December 1, 2023. The acquisition agreement includes two contingent earn-out arrangements under which additional payments are possible. The first earn-out is based on the achievement of EBITDA targets through December 31, 2024. The second earn-out is based on the development of a carbon dioxide pipeline that will support a carbon dioxide sequestration project over a four-year period commencing on the transaction closing date. Additional payments to NACCO could range from $0 to approximately $13.6 million based on achievement of the two earn-outs as well payment of amounts held in escrow.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed herewith:
(d) Exhibits | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | December 5, 2022 | NACCO INDUSTRIES, INC. | ||||||||||||
| By: | /s/ Elizabeth I. Loveman | |||||||||||||
| Elizabeth I. Loveman | ||||||||||||||
| Vice President and Controller | ||||||||||||||