Hammerhead Energy (NASDAQ:HHRS), which combined with Decarbonization Plus IV earlier this year, announced this morning that it will redeem all outstanding public warrants for $0.10 per warrant.
Holders will have the option of exercising each warrant for $11.50 per share or do so on a cashless basis. Holders opting for the latter will receive a number of shares per warrant based on the redemption date and Hammerhead’s last reported sale price during the 10 trading days immediately following the date that the notice of redemption is sent out to shareholders.
The ratio of shares provided to warrant holders who opt to exercise them on a cashless basis will be capped at a maximum of 0.361 per warrant. Any fractional remains after such exchanges will be rounded down to the nearest whole share.
Hammerhead warrant holders will have until 5 pm ET, September 15 to make their exercise decisions, after which all unexercised warrants will be voided with holders only entitled to receive the redemption price per warrant.
The company has the right to call the remaining warrants in this way because its shares reached above $10 as of the last market close, having crept up from a low at $6.75 on June 28. Hammerhead continues to swim upward in the pre-market, reaching +7.3% higher to $11.12 by about an hour before the opening bell.
Hammerhead warrants (NASDAQ:HHRSW), meanwhile are up about +2.8% to $2.18 at about the same time.
In June, the de-SPAC raised about $12.8 million from calling 12,852,235 warrants for $1 per warrant, eliminating about 45% of its total overhang.
Decarbonization Plus IV initially announced its $1 billion deal with Hammerhead Resources in September 2022 and completed it in February 2023. The Calgary, Canada-based company produces natural gas and oil from the Montney basin.
According to its latest corporate presentation, it produced about 39.5 thousand barrels of oil equivalent per day (Mboe/d) through the first half of 2023, up from 32.1 Mboe/d in full year 2022.


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....
At the SPAC of Dawn In a trading session that may find itself built around the release of Fed minutes at 2 pm ET this afternoon, a pair of SPAC targets have added their own fresh information to the mix. Enterprise AI firm Fusemachines, which has a pending combination with CSLM (OTC:CSLMF), put out a...