HNR Acquisition Corp. (NYSE:HNRA) announced this afternoon that its shareholders have approved its business combination with oil developer Pogo Resources and entered into further agreements with Meteora.
In connection with today’s meeting, stockholders holding 4,063,777 shares out of a possible 4,509,403 shares of HNRA’s common stock exercised their right to redeem their shares.
While the trustee is still calculating the final amount of the funds to be removed from the account, the current preliminary calculations are that approximately $44.1 million, or $10.86 per share, will be removed to pay such holders.
The completion vote was initially slated for October 30, but the meeting was adjourned to today, presumably due to a significant number of redemption requests. Subsequently, the SPAC entered into an FPA with Meteora a few days later, involving up to 3,000,000 shares of common stock.
HNR disclosed in an 8-K this afternoon that it is again entering into further agreements with Meteora. This time, it entered into a non-redemption agreement to reverse the redemption of up to the lesser of 600,000 shares and an exchange agreement with certain holders of promissory notes which accrued interest at a rate of 15% per annum.
Pursuant to the exchange agreements, HNRA agreed to exchange, in consideration of the surrender and termination of the notes in an aggregate principal amount of $2,099,545, for 419,909 shares of Common Stock at a price per share equal to $5.00 per share.
HNRA also granted the noteholders piggyback registration rights with regard to the exchange shares.
These noteholders include JVS Alpha Property, a company controlled by HNR’s board member Joseph Salvucci, Jr., Byron Blount, nominee member of the HNR board of directors following the closing, and Mitchell B. Trotter, the designated CFO and a nominee member of the board.
The parties expect to close the deal as soon as practicable following the satisfaction or waiver of the remaining closing conditions. Following the closing of the business combination, the common stock of the company is expected to begin trading on the NYSE American under the current symbol “HNRA”.
HNR inked its membership purchase agreement with Pogo Resources back in January. In August, the SPAC reworked the combination to purchase all of the equity interests of Pogo Resources, revising the purchase price to an aggregate amount of $63 million in cash plus two million shares of a new class of Class B Common Stock and two million units in the company’s newly-formed subsidiary.
Pogo Resources’ fields comprise 13,700 leasehold acres, 343 producing wells and 207 injection wells for a total of 550 wells on the properties. Management expects to increase daily production to nearly 4,000 barrels of oil and oil equivalent in the next three years.
Plum Acquisition Corp. I (NASDAQ:PLMI) has entered into a definitive agreement to combine with digital transformation company Veea for a total enterprise value of approximately $281 million. New York City-based Veea aims to simplify secure edge computing by improving application responsiveness, reducing bandwidth and data transport costs, and eliminating central cloud dependency. The parties expect the transaction to be...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...