Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)
____________________
| Global Clean Energy Holdings, Inc. |
| (Name of Issuer) |
| Common Stock |
| (Title of Class of Securities) |
| 378989206 |
| (CUSIP Number) |
| ExxonMobil Renewables LLC |
| 22777 Springwoods Village Parkway |
| Spring, TX 77389 |
with copies to:
Louis Goldberg Davis Polk & Wardwell LLP 450 Lexington Avenue New York, NY 10017 (212) 450-4000
|
| (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) |
| May 19, 2023 |
| (Date of Event Which Requires Filing of This Statement) |
____________________
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ☐.
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 378989206
| 1 |
NAME OF REPORTING PERSON
ExxonMobil Renewables LLC |
|
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐ (b) ☐ |
| 3 |
SEC USE ONLY
|
|
| 4 |
SOURCE OF FUNDS
WC (See Item 3) |
|
| 5 |
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐ |
| 6 |
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware |
|
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
SOLE VOTING POWER
0 |
| 8 |
SHARED VOTING POWER
16,020,366 | |
| 9 |
SOLE DISPOSITIVE POWER
0 | |
| 10 |
SHARED DISPOSITIVE POWER
16,020,366 |
| 11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PE RSON
16,020,366 (1) |
|
| 12 |
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐ |
| 13 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.5% (2) |
|
| 14 |
TYPE OF REPORTING PERSON
OO |
| (1) | In its capacity as the direct owner of (a) a warrant exercisable for 13,530,723 shares of common stock (“Common Stock”) of Global Clean Energy Holdings, Inc. (the “Issuer”), at an exercise price of $2.25 per share, exercisable immediately and (b) a warrant exercisable for 2,489,643 shares of Common Stock of the Issuer, at an exercise price of $2.25 per share, exercisable immediately. |
| (2) | All calculations herein of the percentage of Common Stock beneficially owned are based on a total of 42,350,027 shares of Common Stock issued and outstanding as of May 15, 2023, as reported on the Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission by the Issuer on May 15, 2023 (the “Form 10-Q”). |
CUSIP No. 378989206
| 1 | NAME OF REPORTING PERSON
Exxon Mobil Corporation |
|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) ☐ (b) ☐
|
| 3 | SEC USE ONLY
|
|
| 4 | SOURCE OF FUNDS
WC (See Item 3) |
|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
|
☐ |
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 |
| 8 | SHARED VOTING POWER
22,520,366 | |
| 9 | SOLE DISPOSITIVE POWER
0 | |
| 10 | SHARED DISPOSITIVE POWER
22,520,366 |
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
22,520,366 (1)
|
|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
|
☐ |
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
34.7% (2) |
|
| 14 | TYPE OF REPORTING PERSON
CO |
| (1) | In its capacity as indirect beneficial owner of (a) a warrant exercisable for 13,530,723 shares of Common Stock of the Issuer, directly owned by ExxonMobil Renewables LLC, a wholly-owned subsidiary of Exxon Mobil Corporation, with an exercise price of $2.25 per share, exercisable immediately, (b) a warrant exercisable for 2,489,643 shares of Common Stock of the Issuer, directly owned by ExxonMobil Renewables LLC, a wholly-owned subsidiary of Exxon Mobil Corporation, with at an exercise price of $2.25 per share, exercisable immediately and (c) a warrant exercisable for 6,500,000 shares of Common Stock, directly owned by ExxonMobil Renewables LLC, with an exercise price of $2.25 per share, exercisable upon the earlier of (i) the date on which ExxonMobil Oil Corporation, another wholly-owned subsidiary of Exxon Mobil Corporation, extends the term of its Product Off-Take Agreement, dated effective April 10, 2019 (as amended), entered into between a subsidiary of the Issuer and ExxonMobil Oil Corporation, and (ii) a change of control or sale of the Issuer, or the dissolution of the Issuer. The 6,500,000 shares of Common Stock underlying such warrant are only deemed beneficially owned by Exxon Mobil Corporation, and not ExxonMobil Renewables LLC, because only Exxon Mobil Corporation, as the sole member of ExxonMobil Renewables LLC, has the power to control the exercisability of such warrant at its option. |
| (2) | All calculations herein of the percentage of Common Stock beneficially owned are based on a total of 42,350,027 shares of Common Stock issued and outstanding as of May 15, 2023, as reported on the Form 10-Q. |
Introduction
This Amendment No. 3 (the “Amendment”) amends and supplements the Schedule 13D filed by the Reporting Persons on April 29, 2022 (the “Original Schedule 13D”, as amended on August 9, 2022 (“Amendment No. 1”), as further amended on March 2, 2023 (“Amendment No. 2”) and, as further amended and supplemented by this Amendment, the “Schedule 13D”). Except as specifically provided herein, this Amendment does not modify any of the information previously reported on the Original Schedule 13D, Amendment No. 1 or Amendment No. 2. Capitalized terms not otherwise defined in this Amendment shall have the same meanings ascribed thereto in the Original Schedule 13D. This Schedule 13D relates to the shares of common stock (“Common Stock”) of Global Clean Energy Holdings, Inc., a Delaware corporation (the “Issuer”), having its principal executive office is 2790 Skypark Drive, Suite 105, Torrance, CA 90505.
Item 4. Purpose of Transaction
This Amendment amends and supplements Item 4 of the Original Schedule 13D (as amended by Amendment No. 2) to add the following new paragraphs at the end of Item 4:
By letter dated May 15, 2023 (the “Letter”) sent on behalf of Bakersfield Renewable Fuels, LLC (as successor in interest to GCE Holdings Acquisitions LLC) (“GCE”), GCE has asserted the existence of what it believes to be a Force Majeure event under Section 12.1 of the Product Off-take Agreement, dated effective April 10, 2019, by and between GCE and ExxonMobil Oil Corporation (“EMOC”) (as amended, the “POA”). The Letter further makes clear that GCE’s claimed Force Majeure event, which is based on the Covid-19 pandemic, has existed for 365 consecutive days or more. Accordingly, based on GCE’s stated positions set forth in the Letter, EMOC has, by letter to GCE dated May 19, 2023, exercised its right under Section 12.1 of the POA to terminate the POA effective May 19, 2023.
EMOC believes that GCE’s invocation of Force Majeure is disingenuous and a tactic to avoid EMOC’s prior notice of termination of the POA effective as of July 1, 2023. Nevertheless, GCE’s clear assertion of Force Majeure based on the Covid-19 pandemic that began in March 2020 gives EMOC the immediate right to terminate the POA as described above.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
This Amendment amends and supplements Item 6 of the Original Schedule 13D (as amended by Amendment No. 1 and Amendment No. 2) to add the following new paragraph to the end of Item 6:
The information in Item 4 of this Schedule 13D is incorporated herein by reference.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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DATED: May 19, 2023
EXXONMOBIL RENEWABLES LLC
By: Exxon Mobil Corporation Its: Sole Member
| |||
| By: | /s/ James R. Chapman | ||
| Name: | James R. Chapman | ||
| Title: | Vice President, Tax and Treasurer of Exxon Mobil Corporation | ||
| EXXON MOBIL CORPORATION | |||
| By: | /s/ James R. Chapman | ||
| Name: | James R. Chapman | ||
| Title: | Vice President, Tax and Treasurer of Exxon Mobil Corporation | ||