Callan JMB Sets $2.10 Conversion Price and $2M Cash for Reger Oil Deal, Adds 15% Equity Plan
CJMB has more than doubled off its 52-week low of $0.65 on light trading volume (0.3× avg).
Summary
Callan JMB finalizes Reger Oil acquisition terms: $10M in convertible preferred at $2.10/share plus $2M cash, with 54.3% potential dilution and new board rights for the seller.
Updates
· SEC 8-K — The 8-K states closing is expected by September 22, 2026, with $2M cash payable by December 31, 2026, and termination if not closed by October 31, 2026.
· GlobeNewswire — Callan Power entered a definitive agreement to acquire Reger Oil's Williston Basin assets, adding a 23-well Red River drilling program projected to generate $252 million in cumulative net operating cash flow, with drilling starting May 2027 and cash flow positive in the first year. Michael Reger was named President of Callan Power.
Key Events · M&A and Partnerships · CJMB
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Acquisition Terms Finalized
Callan JMB will issue 1,000 shares of Series A Preferred Stock with $10M stated value plus $2M cash by December 31, 2026, to acquire Reger Oil's Williston Basin assets.
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Conversion Price Set at $2.10
The preferred stock converts at $2.10 per share, a 13.6% discount to today's $2.43 price, potentially yielding 4,761,905 common shares.
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Dilution Impact
Full conversion would dilute existing shareholders by approximately 54.3%, though a 9.9% ownership limitation staggers the conversion over time.
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Governance Changes
Michael Reger becomes Co-CEO and joins the board; preferred holders gain rights to elect two directors, shifting control dynamics.
Analysis · CJMB · Trade & Services
This filing finalizes the terms of the Reger Oil acquisition first announced on July 31, 2026. The Series A Preferred Stock converts at $2.10 per share, a 13.6% discount to today's $2.43 price, and the deal now includes $2 million in cash due by year-end. The 9.9% ownership limitation staggers dilution over time, but the 54.3% fully-diluted impact remains. The simultaneous equity plan amendment to 15% of outstanding shares adds further dilution risk. Against a backdrop of going concern warnings and Nasdaq delisting notices, this acquisition is a high-stakes pivot into energy.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 43.2% of the 271 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.30%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CJMB was trading at $2.43 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $13.4M. The 52-week trading range was $0.65 to $5.61. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.