HNR Acquisition Corp. (NYSE:HNRA) announced this afternoon that it has completed its business combination with oil developer Pogo Resources.
The deal was originally approved by shareholders at a meeting held on November 13 and 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 final amount of the funds to be removed from the account has not yet been disclosed, the preliminary calculations are that approximately $44.1 million, or $10.86 per share, will be removed to pay such holders.
Pogo Resources expects to use its free cash flow and growth to pay down debt and build a strong balance sheet. Additionally, the combined company intends to institute a hedging program to protect its profits while it grows and develops oil fields.
Following shareholder approval, the SPAC entered into further agreements with Meteora earlier this week, including 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.
The common stock of the combined company will 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. The company generated $35 million in revenues with solid cash flow and earnings in 2022.
CF Acquisition Corp. VIII (NASDAQ:CFFE) announced this afternoon that it has completed its combination with B2B software firm Exela. Although shareholders had previously approved the deal during a special meeting on August 24, no specific timeline for its next steps had been disclosed at that time. Additionally, a proposal was passed at the meeting to change...
DUET Acquisition Corp. (NASDAQ:DUET) has signed a business combination agreement with social media firm Fenix 360 at an enterprise value of $610 million. Singapore-based Fenix 360 is developing an app-based social media platform designed for artists to better engage with fans and monetize interactions. The combined company is expected to trade on the Nasdaq once...
PROOF Acquisition Corp I (NYSE: PACI) announced this morning that its shareholders have approved its business combination with private aviation company Volato at a special meeting held on November 28. Approximately 97% of the votes cast at the meeting were cast in favor of the approval of the deal. The SPAC did not disclose redemption...
At the SPAC of Dawn Filings after the bell yesterday provided another three-liquidation day for SPACs bringing this week’s tally to four and extending a streak of five straight weeks with four to five liquidations each week. With 178 SPACs having announced a liquidation so far in 2023, the year’s total number could well exceed...
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...