HNR Acquisition Corp Announces Pricing of $75,000,000 Initial Public Offering

Rhea-AI Summary

HNR Acquisition Corp has priced its initial public offering (IPO) at $75 million, consisting of 7.5 million units offered at $10.00 per unit. Trading on NYSE American under the ticker symbol HNRAU will commence on February 11, 2022. Each unit provides shareholders with one common stock share and a warrant to purchase three-fourths of a common share at $11.50. The company targets mergers or acquisitions primarily in the natural gas and oil sectors in North America. EF Hutton is the book-running manager and has an option for an additional 1.125 million units.

Positive

• Successful pricing of $75 million IPO enhances market presence.
• Focus on the natural resources sector may attract strategic opportunities.
• Potential for revenue growth through mergers or acquisitions.

Negative

• No guarantee of successful completion of the offering.
• Dependence on market conditions for future business combinations.

Houston, TX, Feb. 10, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- HNR Acquisition Corp (the “Company”) announced today that it priced its initial public offering of $75,000,000, consisting of 7,500,000 units at $10.00 per unit. The units are expected to be listed on the NYSE American (“NYSE American”) and trade under the ticker symbol “HNRAU” beginning tomorrow, Friday, February 11, 2022. 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. 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, is acting as the sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 1,125,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, division of Benchmark Investments, LLC, Attn: Syndicate Department, 590 Madison Avenue, 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”), on February 10, 2022.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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 proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. 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 preliminary 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

(713) 834-1145

FAQ

What is the initial public offering price for HNRAU?

The initial public offering price for HNRAU is $10.00 per unit.

What is included in each unit of HNRAU?

Each unit consists of one share of common stock and one warrant to purchase three-fourths of a share at $11.50.

When will HNRAU begin trading?

HNRAU is expected to begin trading on February 11, 2022.

Who is managing the IPO for HNRA?

EF Hutton, a division of Benchmark Investments, is the sole book-running manager for the offering.

What sectors is HNR Acquisition Corp focusing on?

The company intends to focus on the natural gas and oil sectors in North America.