Global Clean Energy Holdings (GCEH) has shared an update.
On June 25, 2024, Global Clean Energy Holdings, Inc. and its subsidiaries reached a comprehensive settlement with ExxonMobil, resolving disputes over various agreements related to the Bakersfield renewable fuels project. The settlement includes the termination of prior agreements and the cancellation of ExxonMobil’s equity in the company, with ExxonMobil waiving rights to dividends. To finalize the settlement, Global Clean Energy agreed to pay ExxonMobil over $18 million. Concurrently, the company restructured its financial arrangements, upsizing a loan facility to fund the settlement and converting outstanding preferred stock into loans, while also establishing a new revolving credit facility to support the project’s working capital needs.
For an in-depth examination of GCEH stock, go to TipRanks’ Stock Analysis page.
