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Executive Network Partnering Corp. (ENPC) Shareholders Approve Granite Ridge Deal
by Marlena Haddad on 2022-10-20 at 5:46pm

Executive Network Partnering (NYSE:ENPC) disclosed this afternoon that its shareholders have approved its combination with Texas oil and gas company Granite Ridge at a special meeting held earlier today.

Holders of 30,908,389 shares of ENPC’s Class A common stock, 300,000 shares of ENPC’s Class B common stock, and 828,000 shares of ENPC’s Class F common stock were present at today’s meeting, collectively representing 78.9% of the voting power of ENPC’s outstanding voting capital stock. The business combination was approved with 26,626,658 votes cast in favor of the deal and 2,938,761 against it.

The SPAC also disclosed that holders of 39,343,496 shares of Class A Common Stock exercised their right to redeem their shares for cash at a redemption price of approximately $10.00 per share. As a result, approximately $393.4 million, or 95.03%, of ENPC’s trust account was removed.

Executive Network Partnering originally brought $414 million into the deal from its current trust and did not supplement this with a PIPE. The deal did not include a minimum cash condition, but Granite Ridge intends to adjust its annual dividend in proportion to its redemptions.

Nonetheless, the parties expect to close the deal shortly upon satisfaction of all closing conditions. Following the completion of the transaction, the common stock and warrants of Granite Ridge are expected to begin trading on the New York Stock Exchange under the symbols “GRNT” and “GRNT WS,” respectively.

ENPC originally announced its $1.3 billion deal with Granite Ridge earlier this year in May 2022. Dallas-based Grey Rock Investment Partners plans to contribute oil and gas assets from its portfolio funds to Granite Ridge as a part of the deal and will continue to manage Granite Rock through a long-term services agreement.


  • Evercore is acting as exclusive financial and capital markets advisor to Grey Rock
  • Stephens Inc. is acting as financial advisor to ENPC.
  • Holland & Knight LLP is acting as legal counsel to Grey Rock
  • Kirkland & Ellis LLP is acting as legal counsel to ENPC.
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