Decarbonization Plus IV (NASDAQ:DCRD) announced in an 8-K this morning that its shareholders approved its combination with energy company Hammerhead Resources at a special meeting on January 23.
The filing did not include redemption figures or a closing timeline, but noted that about 78.3% of the SPACs outstanding shares participated, and all measures passed by wide margins. Decarbonization Plus IV would normally be facing a February 11 transaction deadline, but shareholders also approved an extension to March 13 at the meeting.
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.
At announcement, Hammerhead expected to generate C$375 million to C$425 million ($274 million to $311 million) in EBITDA in 2022E, with roughly the same amount re-invested in its own capex.
The pairing of an oil driller with the Decarbonization Plus team may seem odd, but Hammerhead has committed to a path of net zero emissions by 2030 and it has also set up its governance such that 20% of management’s variable compensation is tied to ESG performance.
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