King Street Capital Buys $18.9M of NFE Series A Preferred at $400-$440
NFE is trading near its 52-week low of $5.73 (3.1% above the low).
Summary
King Street Capital Management bought $18.9 million of NFE Series A Mandatorily Convertible Preferred Stock at $400-$440 per share, becoming a new 10% owner. The purchase follows a 1-for-50 reverse split and a debt restructuring that left NFE with negative equity.
Key Events · Ownership and Investor Activity · NFE
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King Street Buys $18.9M Preferred
King Street Capital Management acquired 43,846 shares of Series A Mandatorily Convertible Preferred Stock for $18,927,240 across four purchases at $400 to $440 per share on September 30, 2026.
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New 10% Owner Emerges
King Street Capital Management, L.P., its general partner, and Brian J. Higgins (managing member) each report as 10% owners, with post-transaction holdings of 301,730 preferred shares.
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Conversion Terms Imply Upside
Each preferred share converts into 46.441271 Class A common shares on September 11, 2029, implying a conversion price of roughly $8.61 to $9.47 per common share — above the current $5.91 stock price.
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Follows Debt Restructuring
The purchase comes after NFE completed a debt restructuring on September 11, 2026, separating its Brazil business and handing 65% of CoreCo equity to creditors, leaving the company with negative equity and a going-concern warning.
Analysis · NFE · Energy & Transportation
King Street Capital Management, a new 10% owner, acquired $18.9 million of Series A Mandatorily Convertible Preferred Stock on September 30, 2026, paying $400 to $440 per preferred share. This is a separate and substantial capital commitment from the earlier Strategic Value Partners purchases, and it comes as NFE trades near its 52-week low of $5.73 following a 1-for-50 reverse split and a completed debt restructuring that left the company with negative equity and a going-concern warning. The preferred shares convert into Class A common at 46.441271 shares per preferred share on September 11, 2029, implying a conversion price of roughly $8.61 to $9.47 per common share — above the current $5.91 stock price, which suggests the investor is underwriting a recovery rather than demanding a discount to today's market.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 35.7% of the 1024 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.57%. 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, NFE was trading at $5.91 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $33.8M. The 52-week trading range was $5.73 to $133.00. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.