HNR Acquisition in a regulatory filing disclosed it entered into a common stock purchase agreement and registration rights agreement with White Lion Capital. Under the agreements, the SPAC has the right, but not the obligation to require White Lion to purchase up to $150 million in newly issued shares of HNR Class A common stock.
In consideration for the White Lion commitments, HNR has agreed that it will issue to White Lion shares of Common Stock having a value of $1.5 million.
The SPAC raised $86.25 million in a February IPO. HNR is focused on assets used in exploring, developing, producing, transporting, storing, gathering, processing, fractionating, refining, distributing or marketing of natural gas, natural gas liquids, crude oil or refined products in North America. Read more.
