ENSV News & Events

Enservco provided an updateith respect the following transactions to restructuring the Company's operations and debt service and with respect to its SEC filings and probable OTC delisting. Enservco believes that these two transactions are critical to the Company restructuring and optimization of its operations. On April 1, 2025, Enservco completed the sale of its wholly-owned subsidiary, Buckshot Trucking, by assigning 100% of its membership interests to the previous owners.Under the Membership Interest Purchase Agreement, promissory notes issued to the sellers in the amounts of $2,025,000 and $675,000, due December 31, 2024, were canceled, and mutual releases were executed. Prior to the sale, Buckshot refinanced obligations with Pathward, National Association, and Libertas Funding, releasing Enservco from all related guarantor obligations. Heat Waves Hot Oil Service, a wholly-owned Enservco subsidiary, entered into an Amended and Restated Master Lease Agreement with Utica Leaseco, for a $2,895,000 lease facility. This agreement replaces the original $6,225,000 Master Lease Agreement from March 22, 2022, reducing monthly payments from $168,075 to $78,165, effective May 2025 through September 2029. The new facility includes a $289,500 end-of-term payment due in September 2029 or upon default. Heat Waves may prepay after 16 months with a 7% penalty on the unamortized balance, decreasing to 4% after 24 months. The facility is secured by Heat Waves' equipment, with Enservco providing an amended guaranty. As part of this refinancing, Enservco settled and terminated its Agreement of Sale of Future Receipts with Libertas Funding, dated August 13, 2024, along with the associated guaranty. This further reduced interest and principal payments by $92,000 a month. The Company did not file its Form 10-K for the fiscal year ended December 31, 2024 in an effort to save costs and preserve cash flow. While the Company presently intends to eventually come into compliance with its SEC reporting obligations, it has not yet re-engaged its independent public accounting firm to complete the audited financial statements for 2024. Until any such filing is made, the Company will not be filing reports with the SEC.The Company intends to provide financial and news updates to the market in the future. Because the Company had not filed its Form 10-K that was due March 31, 2025, the Company was notified by the OTCQB on April 1, 2025 that the Company's common stock will no longer be quoted on such marketplace if the Company does not file such Form 10-K by May 15, 2025. Given that the Company has not yet engaged its auditor for such audit, it is not expected to regain compliance by such time and be quoted on the OTCQB.

In a regulatory filing, Enservco disclosed that on November 1, the company received correspondence from the NYSE/American LLC that a Listing Qualifications Panel of the Exchange, which had met with the company at a Panel hearing on October 23, upheld the Exchange's staff determination from June 10 that the Exchange should commence delisting proceedings of the company's common stock because the company failed to obtain the minimum of $6M in stockholders' equity by June 9. Under the Exchange rules, the company has the right to appeal the Panel's decision within 15 days. Also, on November 1, the company was notified that the Exchange has suspended trading of the company's common stock on the NYSE American on such date because of the Panel's decision. The company has applied to be quoted on the OTCQB and anticipates that the company's common stock will begin to be quoted on the OTCQB within the next one to two weeks.