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.
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....
Tariffs, Trade Routes, and Tech: Freightos’ View from the Cargo Frontlines 2025 is shaping up to be a wild year for global trade, and few companies have a vantage point on the impacts of every-changing tariff policy quite like digital cargo-booking platform Freightos (NASDAQ:CRGO). This week, we catch up with Freightos CEO Zvi Schreiber. He shares...
NMP (NASDAQ:NMPU) has filed for a $100 million SPAC to conduct a broad search for a target, leveraging its team’s past consultancy work. The new SPAC’s units are set to contain one right to a 1/5 share. That is more generous to investors than the unit structure for Maxim Group’s other new SPAC filing this...
At the SPAC of Dawn Futures are green ahead of the Fed Chair Jerome Powell’s highly anticipated press conference at 2:30 pm ET today following two days of Federal Reserve meetings. Several other Fed members are expected to speak on Friday, but any news on rate changes is likely to come out of today’s speech,...
Dune Acquisition Corporation II (NASDAQ:IPODU) announced the pricing of its $125 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPODU”, Wednesday, May 7, 2025. The new SPAC aims expects to conduct a broad search for a combination target, but is interested in companies that are in the...