Expion Energy (XPON) stock jumped roughly 118% on Monday after the company announced a string of moves that signal a sharp pivot in its business direction.
XPON was trading around $7.49 on August 24, up over $4 from the prior session.
The company completed a private placement of 8% Convertible Debentures and warrants, raising $9 million in gross proceeds. After placement fees and expenses, net proceeds came to approximately $8.2 million.
The debentures carry a stated value of $1,000 each and are set to automatically convert into Series A-1 8% Convertible Preferred Stock, pending shareholder approval. Conversion into common stock is priced at $4.25 per share.
Investors also received warrants to buy up to 2,117,219 common shares at $4.25 each, with a five-year exercise window. The offering also includes a provision allowing investors to purchase up to $91 million in additional preferred stock in future closings.
Five Narrow Lane LP, linked to interim Chairman and former CEO Joseph Hammer, was the lead investor. The deal was approved by disinterested board members.
On the same day, Expion closed its first upstream energy acquisition: an oil and gas exploration opportunity in Eastern Louisiana. The deal covers roughly 3,000 net acres, a wellbore, mineral title research, and related IP, for a cash purchase price of $3.425 million.
The prospect sits within a prolific reservoir surrounded by multiple proven analog fields. The company plans to expand acreage by re-leasing expired tracts and securing new ones.
An exploration agreement commits up to $4 million to a leasing program. Expion plans to drill and test a new lateral wellbore by February 15, 2027.
The company is targeting natural gas demand from AI data centers and Gulf Coast LNG infrastructure as part of its growth thesis.
The rebranding from Expion360 Inc. to Expion Energy, Inc. became effective August 20, 2026. The new name reflects the company’s expanded strategy covering both battery storage and upstream oil and gas.
Joseph Hammer stepped down as CEO on August 24, the same day as the acquisition announcement, while staying on as interim Chairman.
The board named Kevin Sellers, an investment banker and energy specialist, as the new CEO and director. Sellers received a performance-linked compensation package that includes restricted stock units tied to the success of the new exploration platform.
Expion has agreed to file a registration statement covering the resale of common stock issuable from the preferred stock conversion and warrant exercises.
The company’s current market cap sits at approximately $3.31 million. Average daily trading volume before this announcement was around 244,615 shares.
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