HNR Acquisition Corp Announces Closing of Initial Public Offering and Exercise of Full Over-Allotment Option

Rhea-AI Summary

HNR Acquisition Corp has successfully closed its initial public offering, selling 7,500,000 units at $10.00 each, which includes one share of common stock and a warrant. The offering, completed on February 11, 2022, raised gross proceeds of $86,250,000. The company focuses on potential business combinations in the energy sector, particularly involving natural gas and crude oil. Going forward, the shares and warrants will trade under the symbols HNRA and HNRAW on the NYSE American.

Positive

• Raised $86,250,000 from IPO, providing substantial capital for future acquisitions.
• Intends to focus on the lucrative natural gas and crude oil sectors in North America.

Negative

• As a blank check company, there is no guaranteed business combination, which poses investment risks.
• Forward-looking statements indicate uncertainty associated with the IPO and future operations.

Houston, TX, Feb. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- HNR Acquisition Corp (the “Company”) announced today the closing of its initial public offering of 7,500,000 units at $10.00 per unit (the “Offering”). Each unit consists of one share of common stock and one warrant entitling the holder thereof to purchase three-fourths (3/4) of one share of common stock at a price of $11.50 per share. Only whole warrants are exercisable. The underwriters exercised their over-allotment option in full for an additional 1,125,000 units on February 11, 2022, which closed at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $86,250,000, prior to deducting underwriting discounts, commissions, and other Offering expenses.

The units have been listed on the NYSE American (“NYSE American”) and began trading on February 11, 2022, under the ticker symbol “HNRAU”. Once the securities comprising the units begin separate trading, the shares of common stock and warrants are expected to be listed on NYSE American under the symbols “HNRA” and “HNRAW”, respectively. 

The Company is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus 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.

EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), served as sole book-running manager for the Offering. K&L Gates LLP served as legal counsel to the Company. Loeb & Loeb LLP served as legal counsel to EF Hutton.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Ave., 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at syndicate@efhuttongroup.com or telephone at (212) 404-7002.

The Securities and Exchange Commission (“SEC”) declared effective a registration statement on Form S-1 relating to these securities on February 10, 2022. A final prospectus relating to this offering has been filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and the anticipated use of the net proceeds thereof. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
HNR Acquisition Corp
3730 Kirby Drive, Suite 1200
Houston, TX 77098
Attn: Donald H. Goree
dg@houstonnaturalresources.com

FAQ

What was the total gross proceeds from HNR Acquisition Corp's IPO?

The total gross proceeds from HNR Acquisition Corp's IPO were $86,250,000.

When did HNR Acquisition Corp's IPO close?

The IPO of HNR Acquisition Corp closed on February 11, 2022.

What are the ticker symbols for HNR Acquisition Corp's stock and warrants?

The ticker symbol for HNR Acquisition Corp's stock is HNRA, and the warrants will trade under HNRAW.

What is the focus of HNR Acquisition Corp for future business combinations?

HNR Acquisition Corp intends to focus on the energy sector, specifically natural gas and crude oil.

Who managed the IPO for HNR Acquisition Corp?

EF Hutton, division of Benchmark Investments, LLC, served as the sole book-running manager for the IPO.