NEW YORK, December 30, 2025, 00:53 ET — Market closed.
- New Era Energy & Digital (NUAI) closed down 41% at $2.69 on Monday; shares were last indicated at $2.42 after hours.
- New Mexico’s attorney general sued CEO E. Will Gray II and two associates, alleging a scheme tied to oil-and-gas wells and cleanup obligations.
- The company called the civil complaint “baseless” and said it would defend itself in court; traders are watching for legal and disclosure updates.
New Era Energy & Digital, Inc (NUAI) shares ended Monday down 41% at $2.69 after swinging from $4.58 to $2.66. The stock was last indicated at $2.42 in after-hours trading.
The steep drop leaves the small-cap stock trading on headlines as investors weigh legal and cleanup risks against the company’s push into power-linked data center projects.
New Era, which says it develops digital infrastructure and integrated power assets in the Permian Basin, said the complaint would not have a meaningful impact on near-term operations and vowed to fight. “The New Mexico Lawsuit is a baseless and uninformed attack on our Company,” Chairman and Chief Executive Officer E. Will Gray II said. 1
The case is a civil complaint — a lawsuit seeking damages and court orders rather than criminal charges. New Mexico Attorney General Raúl Torrez said the state sued Gray, Robert K. Stitzel and Marquis Reed Gilmore Jr., accusing them of using shell companies — paper entities — to pocket revenues from hundreds of wells while evading environmental responsibilities. 2
Torrez said the suit seeks civil penalties and damages and asks the court to restrict the defendants’ business activities in New Mexico until inactive wells are plugged and remediated — meaning sealed and cleaned up — and the state reimbursed for prior cleanup costs.
New Era said the lawsuit references 87 wells it described as immaterial and already slated for divestment, and said neither it nor Gray had ever been affiliated with Acacia Operating Company or Acacia Resources.
Volume ran far above recent sessions, underscoring heavy selling pressure into the close.
A shareholder law firm, The Law Offices of Frank R. Cruz, said it had opened an investigation into possible federal securities law violations tied to the company and Monday’s lawsuit headlines.
The dispute also lands as New Era works to consolidate control of its Texas Critical Data Centers joint venture. In a recent filing, the company said it signed a binding term sheet to buy SharonAI’s 50% stake for $70 million and set deadlines of Jan. 9 for reimbursement and Jan. 15 for definitive agreements. 3
Investors will be looking for the next court filings and any additional public disclosures around potential liabilities, legal costs and asset sales. Any new regulatory action could also reshape the risk profile quickly.
Before Tuesday’s open, traders will be watching whether the stock holds above Monday’s $2.66 low after the drop broke NUAI below $3. The prior close near $4.56 is the closest upside marker from before the slide.
Broader markets could also influence risk appetite on Tuesday, with U.S. home price data due at 9:00 a.m. ET, Chicago PMI at 9:45 a.m. and the Federal Reserve’s December meeting minutes scheduled for 2:00 p.m.
Nasdaq’s earnings page does not currently show an upcoming earnings date for NUAI, leaving legal updates and project disclosures as the clearest near-term catalysts. 4
With year-end liquidity thin, price swings in smaller names can be amplified, keeping NUAI sensitive to any fresh statements from the company or New Mexico officials in the hours ahead.
