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.


Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....