Granite Ridge Resources (GRNT) Calls All Outstanding Warrants
by Nicholas Alan Clayton on 2023-05-19 at 8:52am

Granite Ridge Resources (NYSE:GRNT), which combined with Executive Network Partnering in October 2022, announced this morning that it has launched an offer to exchange all outstanding warrants into 0.25 shares each.

As of Granite Ridge’s last close at $6, this would be equal to $1.50 in value per full warrant, and the company’s share price has dropped -13% in the pre-market in reaction to the offer’s pending dilutive effects. At its current price of $5.20, each full warrant is effectively worth about $1.30.

Granite Ridge warrants (NYSE:GRNT.WS) are up +79% to $1.11 in turn. The company expects to transfer up to 2,587,493 new shares to warrant holders as a part of the offer, which would represent about 2% of the company’s total shares outstanding.

It is also soliciting consent from warrant holders to amend the company’s warrant agreement such that all outstanding warrants still in circulation at the end of the day June 16 when the offer period expires will be automatically exchanged into 0.225 shares each.

This practice of giving non-exchangers 10% less value has become standard practice and Granite Ridge has already secured the consent of parties representing about 51.3% of outstanding warrants, which is enough to guarantee the amendment’s passage.

Granite Ridge was created in its de-SPAC transaction as a carve-out of oil and gas assets from the portfolio of Dallas-based Grey Rock Investment Partners. Its combination with Executive Network Partnering was announced just over a year ago.

It is one of few recent de-SPACs to offer a dividend and the new energy company has traded well since completing its deal. Only 19 of the 102 de-SPACs that closed in 2022 finishing Thursday trading with a higher share price.

Granite Ridge Resources (GRNT) Calls All Outstanding Warrants
Recent Posts
by Nicholas Alan Clayton on 2025-07-15 at 10:47am

Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...

by Nicholas Alan Clayton on 2025-07-15 at 8:29am

At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...

by Kristi Marvin on 2025-07-15 at 6:06am

Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...

by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved