HighPeak Energy raises capital via $450M convertible preferred stock from Indonesian investors

HighPeak Energy sold 450,000 shares of Series A 6% convertible preferred stock (at $1,000 stated value each) to two Indonesian subsidiaries—PT Danantara Energy International and PT Tunas Harapan Perkasa—on October 6, 2026. This represents a substantial capital infusion for the company; the preferred shares are convertible to common stock at $9.50/share initially and include board representation rights for each investor, which is material to equity structure and control dynamics.

HighPeak Energy raised approximately $450 million from Indonesian investors by selling convertible preferred stock, which can be converted to common stock later and pays dividends starting at 6% annually. Each investor gets to nominate a board director.