HNR Acquisition filed a proxy outlining its proposed merger with Pogo Resources, a New Mexico based oil company.
The SPAC in August announced a number of revisions to the deal. Highlights include adjusting the purchase price to an aggregate amount of $63 million in cash plus 2 million shares of a new class of Class B stock, which have no economic rights (voting only) and 2 million units in the newly-formed subsidiary, HNRA Upstream, which are exchangeable for 2 million shares of the company’s newly-created Class A stock.
At deal announcement in January, original terms called for a purchase price of $100 million in cash (of which $15 million could be in a promissory note), plus $20 million in stock.
Current terms call for at least $33 million in cash to close, no more than $15 million payable through a promissory note and no more than $20 million subject to payment through preferred units. Read more.
