Houston Natural Resources outlined today its strategy to invest and sponsor SPACs in 2022.
The company intends to sponsor one SPAC investment in each quarter through the end of the year.
The company sponsored a successful $86 million NYSE listing of an energy focused SPAC (HNR Acquisition) during the first quarter of 2022. The company is currently focused on a second energy focused SPAC to be listed by the end of the second quarter. HNRC is currently evaluating six other SPAC opportunities for listing in the third and fourth quarter of 2022, including traditional oil and gas, renewable energy and waste to energy.
HNR said this strategy will result in a dividend to its shareholders, after the lock up period has expired, on each of the SPAC investments. This would provide quarterly dividends through the end of 2023.
The company expects to realize at least $3 million on each of its SPAC investments to be added to its existing earnings in 2022 and 2023. This could provide shareholders with more than 30 cents per share in annual dividends. Read more.
