Special purpose acquisition company HNR Acquisition Corp. (NYSE: HNRAU) closed its initial public offering on the New York Stock Exchange on Thursday. The firm was able to raise US$86.25 million from its oversubscribed IPO.
The offering originally consisted of 7.5 million units priced at US$10.00 per unit for a total IPO size of US$75 million. The underwriter exercised the over-allotment option to purchase additional 1.125 million units at the same IPO price.
The company units trade on the New York-based big board under the symbol “HNRAU”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “HNRA” and “HNRAW”, respectively.
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EF Hutton acted as the sole bookrunner for the offering.
Houston Natural Resources founder and CEO Donald Goree also serves as the SPAC’s chairman and CEO.
According to its filing statement, the blank-check company intends to focus on acquiring a business involved in natural gas, natural gas liquids, crude oil, or refined products in North America.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
