Recent Updates — CJMB
Callan Power LLC, a subsidiary of Callan JMB Inc., has terminated the Asset Purchase and Sale Agreement with The Pfanenstiel Company for 50% of certain oil and gas leases in North Dakota and Montana. The termination was triggered because the buyer concluded that due diligence conducted to date was insufficient to support proceeding with the transaction. As a result, Callan JMB will no longer need to raise additional capital to consummate this specific acquisition. The parties may evaluate a future transaction on different terms, but there is no assurance any such deal will be agreed upon or closed. Callan JMB Inc. operates in the energy sector, focusing on oil and gas lease acquisitions.
The Nasdaq Stock Market notified Callan JMB Inc. that it failed to meet the extension deadline for regaining compliance with Listing Rule 5550(b)(1), which requires a minimum of $2,500,000 in stockholders’ equity. Consequently, trading is scheduled to be suspended on October 21, 2026, and delisting proceedings initiated unless an appeal succeeds. The company requested a hearing before the Nasdaq Hearings Panel on October 14, 2026, which stays the suspension pending the panel's decision. Callan JMB Inc. operates in the technology sector.
Callan JMB Inc. reported that Mark Meller resigned from its board of directors and committee positions effective August 26, 2026. This departure is linked to an Asset Purchase Agreement dated August 19, 2026, under which Callan Power LLC agreed to acquire oil and gas assets from Reger Oil, Inc. The agreement stipulates that upon closing, holders of the Company’s Series A perpetual convertible preferred stock will nominate a replacement director. Meller stated his resignation was not due to disagreements regarding operations or policies. The company also noted forward-looking statements regarding its intent to regain compliance with Nasdaq's Stockholders' Equity Requirement within 45 days. Callan JMB Inc. operates in the oil and gas sector, focusing on asset acquisition and energy investments.
On August 26, 2026, Callan Power LLC, a subsidiary of Callan JMB Inc., entered into an Asset Purchase and Sale Agreement to acquire a 50% interest in certain oil and gas leases and wells located in North Dakota and Montana from The Pfanenstiel Company. The aggregate purchase price is $12,500,000 in cash, plus a $1,000,000 supplemental escrow deposit to cover drilling and completion costs incurred between execution and closing. Any remaining escrow funds will be remitted to the seller after cost payments or six months post-closing, whichever is earlier. The transaction is expected to close on or before September 30, 2026, subject to customary conditions including due diligence, financing, and regulatory approvals. Callan JMB Inc. operates in the energy sector, specifically focusing on oil and gas exploration and production.
On August 19, 2026, Callan JMB Inc. and its subsidiary Callan Power LLC entered into an Asset Purchase Agreement to acquire oil and gas assets in the Williston Basin from Reger Oil, Inc. The $12 million purchase price consists of $10 million in Series A Perpetual Convertible Preferred Stock (1,000 shares) and $2 million in cash payable by December 31, 2026. Closing is expected by September 22, 2026, subject to stockholder approval under Nasdaq rules. Michael Reger will join the Board and serve as President of the subsidiary, which will be renamed Reger Energy, LLC. Callan JMB Inc. operates in the oil and gas exploration and production industry.
On August 18, 2026, Callan JMB Inc. entered into a First Amended and Restated Purchase Agreement with an investor, increasing the aggregate investment amount from $25 million to $75 million for up to $75 million of common stock sales under an equity line of credit facility. The company retains the right but not the obligation to issue shares in regular or exemption purchases ranging from $500,000 to $2,000 million per notice, priced at a discount to market value subject to a $1.00 floor price and beneficial ownership limitations. Concurrently, the company amended its Registration Rights Agreement to file an initial registration statement within 30 days covering the expanded facility, with penalties of issuing 25,000 shares for filing or effectiveness failures. Callan JMB Inc. operates in the financial services industry, providing pension consulting and investment management solutions.