Battalion Oil (BATL) 10% Owner Gen IV Converts Preferred into 3.49M Shares

What Happened
Gen IV Investment Opportunities, LLC (reported as a 10% owner) converted a package of redeemable convertible preferred shares into an aggregate 3,494,259 shares of Battalion Oil Corp common stock on August 7, 2026. No additional cash consideration was paid for the conversions. At the same time, the Company repurchased 5,138 shares of Series A and 6,578.11 shares of Series A‑1 preferred from Gen IV for a combined purchase price of $19,000,000.

Key Details

• Transaction date: August 7, 2026. Conversions reported as "C" (conversion of derivative security); repurchases reported as "S" (disposition).
• Shares received by conversion: 3,494,259 common shares in total. Conversion recorded at $0 cash consideration (per filing).
• Cash repurchase: Company paid $19,000,000 to repurchase 5,138 Series A and 6,578.11 Series A‑1 preferred shares from Gen IV.
• Conversion mechanics: Series had specified conversion prices/liquidation-preference-based ratios per Certificates of Designation (Series A‑1 conversion price $7.63; A‑2 $6.21; A‑3 $6.83; A‑4 $6.42).
• Filing parties: Form 4 is jointly filed by Gen IV, LSP Generation IV, LLC (managing member), LSP Investment Advisors, LLC (investment manager), and Paul Segal (President). The latter parties disclaim beneficial ownership except to the extent of pecuniary interest.
• Shares owned after transaction: Not stated on the provided Form 4.
• Timeliness: Filing reports transactions on the trade date and was filed with the same Period of Report (no late‑filing indicator).

Context

• These were derivative conversions (preferred → common) and a negotiated repurchase, not open-market purchases or executive trading. For a 10% institutional holder, conversions and negotiated repurchases are typically balance-sheet or capital-structure actions rather than standard insider sentiment trades.
• No additional consideration was paid on conversion (cashless conversion per filing), while a separate cash payment was received for the repurchased preferred.