Canadian oil and gas producer Hammerhead Resources announced this afternoon that it has completed its combination with Decarbonization Plus IV (NASDAQ:DCRD).
The combined company’s shares and warrants are expected to begin trading on the Nasdaq under the symbols “HHRS” and “HHRSW”, respectively, on February 27. Its shares will remain trading on the TSX under the same symbol and its warrants “HHRS.WT”.
Decarbonization Plus IV shareholders approved the deal at a special meeting on January 23. The parties have still not released the the SPAC’s redemption figures from this vote and the deal did not include a PIPE, but nor did it have a minimum cash condition.
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.
In the last earnings it reported in Decarbonization Plus IV filings, Hammerhead generated $97.8 million in adjusted EBITDA in the third quarter of 2022, a run-rate of $391 million. Heading into 2023, Hammerhead’s press released noted that it set a monthly production record in January of 40,308 boe/d.
ADVISORS
- CIBC Capital Markets and Peters & Co. Limited are acting as financial and capital markets advisors to Hammerhead.
- National Bank Financial Inc. and ATB Financial are acting as strategic advisors to Hammerhead.
- Burnet Duckworth & Palmer LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP (U.S.) are acting as counsel to Hammerhead.
- Blake, Cassels & Graydon LLP acted as counsel to the Special Committee of the Hammerhead board of directors.
- Vinson & Elkins L.L.P., Walkers and Bennett Jones LLP (CA) are acting as counsel to DCRD.
- Maples Group is acting as counsel to the Special Committee of DCRD’s board of directors.
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...
L Catterton Asia (NASDAQ:LCAA) announced this morning that it has upsized the committed financing in its combination with EV sports car maker Lotus to $870 million in total. The latest fuel injection comes in the form of $750 million in convertible notes and PIPE commitments under so far undisclosed terms. Counted purely as a PIPE,...
At the SPAC of Dawn SPAC closing timelines can always be somewhat unpredictable, but PROOF I (NYSE:PACI) has the opportunity today to vie for a recent speed record today. It announced a combination with private aviation firm Volato 118 days ago on August 2 and its shareholders are set to vote to approve the combination...
Dune Acquisition Corporation (NASDAQ:DUNE) announced in an 8-K today that it has once again modified its agreement with sustainable energy firm Global Hydrogen. This amendment marks a reduction in Global Hydrogen’s equity value from $48 million to $43 million, alongside an increase in the available shares of common stock that is for the Global Gas Corporation...
At the SPAC of Dawn After mixed signals for the consumer sector earlier this month, initial Black Friday sales numbers have shown that Americans were not too stuffed for a shopping spree this year. Shoppers bagged between $9.8 billion and $10 billion in goods online, depending on one’s preferred source, either of which would be...