08:52 AM EDT, 09/19/2024 (MT Newswires) -- Mammoth Energy Services' ( TUSK ) unit Cobra Acquisitions said Thursday that its $188.4 million settlement with the Puerto Rico Electric Power Authority was approved by the Title III Court on Wednesday.

The settlement agreement allows Cobra to receive an initial $150 million payment within ten business days, with the remaining $38.4 million to follow per the agreement, Cobra said.

The settlement will also allow Cobra to pay off its term credit facility and terminate it.

Mammoth Energy shares were up nearly 12% in recent premarket activity.

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