Goodrich

[Fraser921]

An insider sold some, took about a 10 per cent hair cut
More shares outstanding due to warrant conversion
Adjust your models accordingly

On September 8, 2021, AIO V exercised Warrants for 49,762 Shares and AIV 1 exercised Warrants for 46,670 Shares, for an aggregate of 99,432 Shares acquired upon exercise of the Warrants. The Warrants were exercisable for 0.00001% of the Common Stock Deemed Outstanding (as defined in the Warrant Agreement) at the time of exercise, and became exercisable on July 14, 2021, the first date on which the product of (x) the Common Stock Deemed Outstanding and (y) the Current Sale Price (as defined in the Warrant Agreement), was equal to at least $230.0 million. On September 22, 2021, AIO V sold 189,032 Shares and AIV 1 sold 177,278 Shares, for an aggregate of 366,310 Shares sold, in a block trade with the broker at a price of $19 per Share. Except as described in this Amendment No. 2, there were no transactions in the Shares by the Reporting Persons in the past sixty days.

[dan_s]

My valuation of GDP is $38.00 and it is based on much lower Q4 and 2022 natural gas prices than we see on the NYMEX strip today.

The shares issued for the exercised warrants has no impact on my valuation because the transactions don't impact the fully diluted share count and have only a minor impact on outstanding shares.

Also note that GDP has much less gas hedged with Swaps after December, so they will report a BIG revenue boost in Q1 2022. Even adjusting for the cash settlements on their hedges, GDP should generate $11 to $12 of operating cash flow per share in 2022.

GDP and CRK hold some extremely valuable Haynesville Shale leasehold.