Abiopharma

🔍 LUMINUS MANAGEMENT LLC (Director)

Company: BATTALION OIL CORP (BATL)

Report Date: 2026-03-30

Detailed Transactions and Holdings:

• Sold 681,105 shares of Common Stock at $5.59 per share (Direct)
  Date: 2026-03-30 | Code: S | equity_swap_involved: 0 | shares_owned_after: 1,415,885.00 | transaction_form_type: 4 | Footnotes: F1, F2, F3, F5
• Acquired 1,800,000 shares of Common Stock (Direct)
  Date: 2026-03-30 | Code: C | equity_swap_involved: 0 | shares_owned_after: 3,215,885.00 | transaction_form_type: 4 | Footnotes: F6, F3, F5
• Sold 872,586 shares of Common Stock at $3.85 per share (Direct)
  Date: 2026-03-31 | Code: S | equity_swap_involved: 0 | shares_owned_after: 2,343,299.00 | transaction_form_type: 4 | Footnotes: F7, F8, F3, F5
• Sold 336,791 shares of Common Stock at $4.33 per share (Direct)
  Date: 2026-03-31 | Code: S | equity_swap_involved: 0 | shares_owned_after: 2,006,508.00 | transaction_form_type: 4 | Footnotes: F7, F9, F3, F5
• Acquired 0 shares of Series A-2 Redeemable Convertible Preferred Stock (Derivative)
  Date: 2026-03-30 | Code: C | equity_swap_involved: 0 | shares_owned_after: 9,408.00 | transaction_form_type: 4 | Footnotes: F6, F13, F10, F11, F10, F5
• Sold 131,291 shares of Cash-Settled Total Return Swaps (Derivative)
  Date: 2026-03-30 | Code: S | Expires: 2027-12-13 | equity_swap_involved: 0 | transaction_form_type: 4 | Footnotes: F14, F14, F5
• Sold 13,330 shares of Cash-Settled Total Return Swaps (Derivative)
  Date: 2026-03-30 | Code: S | Expires: 2029-10-12 | equity_swap_involved: 0 | transaction_form_type: 4 | Footnotes: F14, F14, F5

Footnotes:

• F1: On March 30, 2026, Luminus Energy Partners Master Fund, Ltd. (the "Master Fund"), sold 681,105 shares of common stock of the Issuer.
• F2: This transaction was executed in multiple trades at prices ranging from $5.52 to $5.74. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.
• F3: As previously disclosed, the Manager planned to distribute 5,200,000 shares of common stock. As Certificate Holders entitled to receive 1,145,542 shares of common stock (the "Segregated Shares") in the aggregate did not either (i) respond or provide the requisite information to the Fund's administrator and the Manager to receive the Segregated Shares, (ii) were unable to accept delivery of the Segregated Shares or (iii) chose not to participate in the distribution (such Certificate Holders being referred to as the "Non Returners"), the Master Fund continues to hold the Segregated Shares and retains both voting and disposition power over the Segregated Shares.
• F4: The Master Fund, however, has no economic interest in the Segregated Shares as the Master Fund is holding the Segregated Shares for the benefit of the Non Returners. The Master Fund can, in its discretion, sell the Segregated Shares on behalf of the Non Returners and/or make one or more distribution in kind of the Segregated Shares to the Non Returners who provide their requisite information.
• F5: Shares reported herein are held by the Master Fund for which Luminus Management, LLC serves as the investment manager. Jonathan Barrett is the ultimate beneficial owner of Luminus Management, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.
• F6: On March 30, 2026, pursuant to the Series A-2 Certificate of Designations for the Series A-2 Redeemable Convertible Preferred Stock of the Issuer, par value $0.0001 per share ("Series A-2 Preferred Shares"), Master Fund converted 7,803 shares of its Series A-2 Preferred Shares in exchange for 1,800,000 shares of common stock of the Issuer at the conversion price of $6.21 per share.
• F7: On March 31, 2026, Master Fund sold Shares of common stock of the Issuer in two series of transactions for a total of 1,209,377 of common stock of the Issuer.
• F8: This transaction was executed in multiple trades at prices ranging from $3.62 to $3.92. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.
• F9: This transaction was executed in multiple trades at prices ranging from $4.02 to $4.84. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.
• F10: Subject to the terms and conditions of the Series A-2 Certificate of Designations, commencing on April 13, 2024, all or any portion of the Series A-2 Preferred Shares may be converted by Master Fund at any time into Common Stock at the Conversion Ratio. The "Conversion Ratio", for each Series A-2 Preferred Share is the quotient of (i) the then-applicable liquidation preference (as determined in accordance with the Series A-2 Certificate of Designations) and (ii) the then-applicable conversion price.
• F11: The Series A-2 Preferred Shares have no expiration date. If based on the Issuer's financial statements for any fiscal quarter and a reserve report as of the same date, as of such date: (x) the PDP PV-20 value (as determined in accordance with the Series A-2 Certificate of Designations) divided by (y) the number of outstanding shares of Common Stock, calculated on a fully diluted basis is equal to or exceeds 130% of the Conversion Price, then the Issuer may, from time to time until such time that the foregoing conditions are no longer satisfied or a Material Adverse Effect (as defined in the Purchase Agreement dated as of December 15, 2023 (the "Series A-2 Purchase Agreement")) has occurred since the date of the most financial statements that met the foregoing conditions, cause the conversion of all or any portion of the Series A-2 Preferred Shares into Common Stock using the then-applicable Conversion Ratio.
• F12: The Series A-2 Preferred Shares are also subject to redemption by the Issuer at any time following the Issuance Date in accordance with the terms of the Series A-2 Certificate of Designations. In the event of a change of control transaction, the Series A-2 Preferred Shares are subject to redemption or conversion in accordance with the terms of the Series A-2 Certificate of Designations.
• F13: Pursuant to the Series A-2 Purchase Agreement, on December 15, 2023 (the "Issuance Date"), Master Fund acquired from the Issuer 17,211 shares of Series A-2 Preferred Shares convertible into shares of Common Stock for an aggregate purchase price of approximately $16.8 million.
• F14: As previously disclosed, Master Fund has previously entered into certain cash-settled total return swap agreements with several unaffiliated third party financial institutions as the respective counterparties, which provided economic exposure to an aggregate of 144,621 notional shares of Common Stock, (the "Swap Agreements"). On March 30, 2026, Master Fund sold the Swap Agreements to third parties thus relinquishing all rights it had pursuant to such agreements. The Swap Agreements provided the Master Fund with economic results that were comparable to the economic results of ownership but did not provide it with the power to vote or direct the voting or dispose of or direct the disposition of the shares of Common Stock that were the subject of the Swap Agreements.