TLDR
- New Era Energy & Digital (NASDAQ:NUAI) ended its equity purchase facility agreement on October 17, citing sufficient capital reserves.
- The company withdrew a proxy proposal to expand authorized shares from 250 million to 3 billion and scrapped reverse stock split plans.
- NUAI shares jumped 44% on October 17 and gained 186% over two weeks following AI data center announcements.
- The company regained Nasdaq compliance in October after market cap exceeded $50 million requirement.
- Phase Two engineering started in early October for the company’s 1-gigawatt Texas data center project.
New Era Energy & Digital announced on October 17 it would terminate its equity purchase facility agreement. The termination becomes effective October 24.
The Midland, Texas-based company said it is sufficiently capitalized. Management stated it does not plan to sell additional shares under the facility.
The company also requested SEC approval to withdraw its September 19 proxy statement. That filing had sought shareholder approval to increase authorized shares from 250 million to 3 billion.
New Era confirmed it abandoned plans for a reverse stock split. CEO E. Will Gray II said the company is well positioned for the next phase of its Texas project.
NUAI stock closed at $4.55 on October 17. The shares gained 44% that day.
Over two weeks, the stock climbed roughly 186%. Market capitalization reached approximately $118 million.
Data Center Project Fuels Price Surge
The rally followed news about New Era’s Texas data center development. Shares rose about 80% on October 9 after the company announced Phase Two engineering had commenced.
The project involves a 1-gigawatt AI data center campus in West Texas. New Era completed Phase One engineering in late September.
Phase One completion triggered a 50% single-day gain on September 25. The campus is a 50-50 joint venture with Sharon AI Inc called Texas Critical Data Centers.
The 438-acre Permian Basin site will include an on-site natural gas power plant. A 1,600-mile fiber network will provide connectivity.
Phase One engineering confirmed the site’s viability. Results indicated a possible early 2027 power-on date.
Phase Two covers detailed design and procurement. Site clearing should begin within 60 days of the October 6 announcement.
New Era is working to acquire 203 adjacent acres to expand the campus.
Nasdaq Compliance Restored
New Era regained Nasdaq listing compliance on October 10. The exchange canceled an October 16 delisting hearing.
The company’s market cap had fallen below the $50 million minimum requirement. This triggered a deficiency notice and scheduled hearing.
From summer through early fall, management raised approximately $13.8 million through equity sales. The company converted about $6.1 million of debt to equity.
New Era paid off its remaining $2.6 million in senior secured notes on October 1. These moves improved stockholders’ equity to positive territory.
The stock rally pushed market cap above $75 million by mid-October.
New Era rebranded from New Era Helium Inc in August 2025. The change reflected the company’s pivot to digital infrastructure.
Trading volume spiked during the rally. On October 9, NUAI traded 162.7 million shares, exceeding its total share count by more than six times.
New Era spent $112,500 on TV ads from September 11 to October 8 through RedChip Companies. Another $250,000 funded ads from October 9 through November 5.
The company reported $532,780 in second quarter 2025 revenue from legacy helium operations. The quarter showed a net loss of approximately $3.6 million.
First half 2025 revenue totaled under $750,000 while operating expenses exceeded $6 million. The price-to-sales ratio stands at roughly 105 times trailing revenue.
New Era employs four full-time staff per company filings. Building the planned 1-gigawatt campus will require hundreds of millions of dollars over several years.
Third quarter earnings are expected in mid-November. Site clearing for the Texas campus should begin by early December based on the 60-day timeline from October 6.
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