New Era Energy Receives Final Court Approval For Acacia Trustee Settlement

New Era Energy & Digital, Inc. (NUAI, NUAIW), a developer of digital infrastructure and integrated power assets, on Thursday said the U.S. Bankruptcy Court for the Western District of Texas approved its previously disclosed settlement with the United States Trustee for the bankruptcy estates of Acacia Resources LLC and Acacia Operating Company LLC.

Under the agreement, the company defendants will pay a total settlement of $1 million, including $350,000 to the State of New Mexico and $650,000 to the trustee on behalf of the Acacia Resources bankruptcy estate.

The payment is due within five business days of the court's approval order.

The company said that the settlement resolves all trustee-controlled claims in the State of New Mexico's lawsuit against the company and certain related parties.

Following receipt of the payment, the company said that the trustee will release its defendants from the trustee-controlled claims and dismiss those claims with prejudice.

The Bankruptcy Court approved the settlement and granted the trustee's motion on July 9, making the settlement final.

On May 22, the trustee filed a motion seeking the Bankruptcy Court's approval of the settlement with the New Era defendants.

The company said the settlement dismisses the State of New Mexico's five claims against the company itself, while the state will continue to pursue three claims against E. Will Gray II in his individual capacity.

On Thursday, New Era Energy & Digital closed trading 6.92% higher at $2.3950 on the Nasdaq.

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