SPACInsider Logo
Pure Acquisition Corp. (PACQ) Releases Results of Warrant Tender
by Kristi Marvin on 2020-04-02 at 4:38pm

Pure Acquisition Corp. (PACQ), announced the results of its warrant tender this afternoon and as expected, a significant number of warrant holders opted to tender at this go-around. If you recall, Pure previously tendered its warrants twice before, both times for $1.00, same as for the current tender offer.

However, by way of background, Post-IPO, Pure had 20,700,000 public warrants outstanding.  At their first tender offer, 248,000 warrants were tendered.  Pure subsequently held a second tender offer in January, where 17,293,805 public warrants were validly tendered.  That left 3,158,195 warrants outstanding out of the original 20,700,000.

At this most recent tender offer, 2,829,307 public warrants were validly tendered, leaving just 328,888 public warrants outstanding, or 1.6% of the original amont. A significant reduction in the warrant overhang.

Pure currently has until May 21, 2020 to close its combination with HighPeak Energy, an independent oil and natural gas company with assets located in the northeastern part of the Midland Basin. That’s roughly a month and a half away and the energy sector is currently in the middle of a very challenging environment. We’ll have to stay tuned and see what develops, but at least Pure now has a cleaner looking capital table.


Recent Posts
by Marlena Haddad on 2022-12-01 at 11:25am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News:  NYSE president says IPO proceeds fall more than 90% while Nasdaq president remains hopeful for 2023, and Giuliani brothers sell pharma stocks as they invest in biotech SPACs NYSE president says IPO proceeds fall...

by Marlena Haddad on 2022-12-01 at 10:02am

InterPrivate II Acquisition Corp. (NYSE:IPVA) disclosed this morning that it has restructured its bonus share agreement in connection to its proposed merger with carsharing marketplace Getaround. The parties previously agreed to reserve and set aside the bonus shares, consisting of 9,333,333 shares, to be allocated to the non-redeeming public stockholders, the designees of EarlyBirdCapital and the...

by Nicholas Alan Clayton on 2022-12-01 at 9:31am

Iris Acquisition Corp. (NASDAQ:IRAA) has entered into a definitive agreement to combine with biotech firm Liminatus at an enterprise value of $334 million. La Palma, California-based Liminatus is a clinical-stage drug developer working on a range of cancer treatments utilizing both preventative vaccines and CAR-T therapies. The combined company is expected to trade on the...

by Marlena Haddad on 2022-12-01 at 9:22am

Lakeshore Acquisition Corp. I (NASDAQ:LAAA) announced this morning that it has entered into a non-redemption agreement and amended its purchaser support agreement with initial shareholders in connection to its proposed merger with medical device company ProSomnus. The SPAC entered into non-redemption agreements with certain institutional investors for an aggregate of 200,339 shares of the purchaser. These investors...

by Nicholas Alan Clayton on 2022-11-30 at 6:01pm

The companies and sponsors of six SPAC deals are set to see their lock-ups expire before the end of the year. This is a relatively small monthly total as the wave of deals from 2020 and 2021 are still hitting this milestone. The list nonetheless includes some major names starting with Forafric (NASDAQ:AFRI), which is...

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