SPACInsider Logo
Decarbonization Plus IV (DCRD) Shareholders Approve Hammerhead Resources Deal
by Marlena Haddad on 2023-01-25 at 7:14am

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.

Recent Posts
by Nicholas Alan Clayton on 2023-01-30 at 2:04pm

Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...

by Marlena Haddad on 2023-01-30 at 1:22pm

Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...

by Nicholas Alan Clayton on 2023-01-30 at 12:07am

Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...

by Marlena Haddad on 2023-01-30 at 11:42am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...

by Marlena Haddad on 2023-01-30 at 10:15am

Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved