HNR Acquisition in an 8-K said shareholders approved extending the deadline up to November for the SPAC to complete its merger with Pogo Resources, which acquires, develops and exploits oil and gas assets in Texas’ Permian Basin. The purchase price is $100 million in cash (of which $15 million may be in a promissory note), plus $20 million in stock.
HNR has non-redemption agreements for an undisclosed number of shares.
At deal announcement in January the SPAC’s trust was just shy of $90 million. However, there were approximately 4.1 million shares redeemed ahead of the extension vote, according to the latest filing, leaving approximately 4.5 million public shares outstanding.
HNR now has approximately 7.5 million shares outstanding including 3 million founders’ and private placement shares. Read more.
