05:49 AM EDT, 07/23/2024 (MT Newswires) -- Mammoth Energy Services' ( TUSK ) subsidiary Cobra Acquisitions said late Monday it has signed an agreement with the Puerto Rico Electric Power Authority and the Financial Oversight and Management Board for Puerto Rico to settle "all outstanding matters."

The company plans to use a portion of the $188.4 million in settlement proceeds to pay off its term credit facility, which had a balance of approximately $49.3 million as of June 30, Chief Executive Arty Straehla said.

The remaining amount will be invested in the business and for general corporate purposes.

Shares of the company soared 27% in premarket activity Tuesday.

Price: 4.4503, Change: +0.95, Percent Change: +27.15