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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of Earliest Event Reported): April 7, 2025
ARGAN, INC.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
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001-31756 |
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13-1947195 |
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(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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4075 Wilson Boulevard, Suite 440, Arlington, Virginia |
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22203 |
(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (301) 315-0027
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Title of Each Class: |
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Trading Symbol(s): |
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Name of Each Exchange on |
Common Stock, $0.15 Par Value |
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AGX |
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New York Stock Exchange |
Item 8.01. Other Events.
Today, Argan, Inc. issued a press release announcing that its wholly owned subsidiary, Gemma Power Systems, received a notice to proceed on its previously announced engineering, procurement and construction services contract with Sandow Lakes Energy Company, LLC of Rockdale, Texas, for a 1.2 GW ultra-efficient natural gas-fired plant in Lee County, Texas. This project has now been added to the Company’s project backlog and construction is expected to begin this summer, with an expected project completion date in 2028.
A copy of Argan’s Press Release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits
Exhibit No. |
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Description |
99.1 |
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104 |
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Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ARGAN, INC. |
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Date: April 7, 2025 |
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By: |
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/s/ Joshua S. Baugher |
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Joshua S. Baugher |
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Senior Vice President, Chief Financial Officer and Treasurer |
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Exhibit 99.1
Argan, Inc.’s Gemma Power Systems Receives Notice to Proceed on EPC
Contract for a 1.2 GW Power Project in Texas
April 7, 2025 – ARLINGTON, VA – Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces that its wholly owned subsidiary, Gemma Power Systems (“Gemma”), received a notice to proceed on its previously announced engineering, procurement and construction (“EPC”) services contract with Sandow Lakes Energy Company, LLC (“SLEC”) of Rockdale, Texas, for a 1.2 GW ultra-efficient natural gas-fired plant in Lee County, Texas. This project has now been added to the Company’s project backlog and construction is expected to begin this summer, with an expected project completion date in 2028.
Charles E. Collins, IV, Chief Executive Officer of Gemma, commented, “We’re thrilled to move forward with SLEC on this major power project. Their strong development efforts set the stage for success, and we look forward to working together. Expanding power infrastructure is essential to meeting rising energy demands, and our team is dedicated to delivering exceptional results.”
About the 1.2 GW Power Project
The plant will be developed and owned by a SLEC subsidiary and will operate within the Electric Reliability Council of Texas (“ERCOT”). This combined cycle power station will consist of two Siemens Energy SGT6-9000HL gas turbines, among the most technologically advanced turbines in the world, featuring high power output, excellent fuel efficiency, and the capability to operate on hydrogen with only minor modifications to the equipment. These turbines can provide reliable power generation to the region while supporting decarbonization goals. The combined cycle power station will be located near a 24-inch tap off the Matterhorn Natural Gas Pipeline.
About Sandow Lakes Energy Company
SLEC is thrilled to unveil its contribution to the ever-growing Texas power needs: a cutting-edge 1.2 GW combined cycle natural gas power plant located in Lee County, Texas. This state-of-the-art facility represents a significant milestone in their commitment to providing reliable, efficient, and environmentally responsible energy solutions to meet the growing demands of our communities.
Beyond its technical excellence, the 1.2 GW natural gas power plant is a testament to SLEC’s dedication to economic growth and community development. The project will create numerous jobs during its construction and will continue to provide employment opportunities in its operation and maintenance. Additionally, the plant’s presence is expected to foster a thriving economic environment in Lee County.
About Gemma Power Systems
Gemma, a wholly owned subsidiary of Argan, is a leading EPC services company providing innovative solutions for the power industry, including the renewable energy sector. Their wide-ranging and comprehensive experience comprises 15 GW of installed capacity including combined cycle and simple cycle natural gas power generating plants, biomass-fired power plants, solar facilities, wind farms, biofuel plants and other environmental facilities.
Additional information about Gemma Power Systems can be found at www.gemmapower.com.
About Argan
Argan’s primary business is providing a full range of construction and related services to the power industry. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, maintenance, project development and technical consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated industrial construction, fabrication and plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.
Safe Harbor Statement
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities and the Company’s ability to successfully complete the projects that it obtains. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.
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Company Contact: |
David Watson |
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301.315.0027 Investor Relations Contacts: John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 |
argan@imsinvestorrelations.com |