Canadian oil and gas producer Hammerhead Resources announced this afternoon that it has completed its combination with Decarbonization Plus IV (NASDAQ:DCRD).
The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “HHRS” and “HHRSW”, respectively, on February 27. Its shares will remain trading on the TSX under the same symbol and its warrants “HHRS.WT”.
Decarbonization Plus IV shareholders approved the deal at a special meeting on January 23. The parties have still not released the the SPAC’s redemption figures from this vote and the deal did not include a PIPE, but nor did it have a minimum cash condition.
Decarbonization Plus IV announced its $1 billion deal with Hammerhead Resources in September 2022. The Calgary, Canada-based company produces natural gas and oil from the Montney basin.
In the last earnings it reported in Decarbonization Plus IV filings, Hammerhead generated $97.8 million in adjusted EBITDA in the third quarter of 2022, a run-rate of $391 million. Heading into 2023, Hammerhead’s press released noted that it set a monthly production record in January of 40,308 boe/d.
- CIBC Capital Markets and Peters & Co. Limited are acting as financial and capital markets advisors to Hammerhead.
- National Bank Financial Inc. and ATB Financial are acting as strategic advisors to Hammerhead.
- Burnet Duckworth & Palmer LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) are acting as counsel to Hammerhead.
- Blake, Cassels & Graydon LLP acted as counsel to the Special Committee of the Hammerhead board of directors.
- Vinson & Elkins L.L.P., Walkers and Bennett Jones LLP (CA) are acting as counsel to DCRD.
- Maples Group is acting as counsel to the Special Committee of DCRD’s board of directors.
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