Benzinga | Sep 16, 2020 04:35PM EDT

Enservco Filing Shows That Cross River Partners Converted Subordinated Notes For Total Of $1,514,737 Into 6.05M Shares At $0.25/Share

Unregistered Sales of Equity Securities. Effective September 15, 2020, Cross River Partners L.P. converted subordinated notes in the principal amount of $1,250,000 and $264,737 of accrued interest due toit from Enservco Corporation (the "Company") for a total of $1,514,737, into 6,054,022 shares of common stock of the Company at approximately $0.25 per share. Cross River Partners L.P. is a related party of the Company by virtue of its significant ownership in the Company and Richard A. Murphy, the Principal ExecutiveOfficer of the Company and Chairman of the Board, is also the managing partner of Cross River Partners, L.P. After the issuance described in this report, Cross RiverPartners L.P. (and its affiliates) owned approximately 30% of the outstanding common stock of the Company. The shares were issued pursuant to an exemption from registration under Section 4(a)(2) the Securities Act of 1933, as amended (the "Securities Act")