Wexford Capital LP (CBO) bought 4,019,574 shares of TUSK at $2.60 for $10.5M, raising stake 60.9% to 10.62M shares
Wexford Capital LP, serving as Chief Business Officer, purchased 4,019,574 shares at $2.60, significantly increasing its holdings from 6,601,215 shares to 10,620,789 shares—a 60.9% increase in position size for a $10,468,176.57 commitment. The purchase occurs at $2.60, which is below the current price of $2.92 and well below the 52-week high of $3.92, placing the entry at the lower end of recent trading range. The company's fundamentals show stress: annual revenue growth is -76.4%, though the latest quarter posted $22,030,000 in revenue and $5,187,000 in net income, yielding a modest 13.90 P/E ratio on a $140,658,289.24 market cap. The large accumulation by a CBO in a distressed revenue environment warrants examination of whether this reflects a contrarian view on recovery prospects or an attempt to maintain control amid the company's operational challenges.