HNRC SPONSORED SPAC CLOSES $86.25 MILLION IPO ON NYSE

Rhea-AI Summary

Houston Natural Resources Corp. (OTC: HNRC) announced that its subsidiary, HNR Acquisition Corp (HNRA), successfully completed its initial public offering (IPO) on the NYSE, raising $86.25 million. The IPO was priced at $10.00 per unit, consisting of 7.5 million units, with an additional 1.125 million units purchased by underwriters. HNRA aims to merge or acquire businesses in the natural resources sector, focusing on North America. The offering was managed by EF Hutton, and relevant prospectus can be obtained from their office.

Positive

• Raised $86.25 million through initial public offering.
• HNR Acquisition Corp has potential for lucrative mergers in natural resources.
• Strategically positioned to focus on North American assets.

Negative

• None.

HOUSTON, Feb. 17, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNRC or the Company") announced today that its subsidiary Houston Natural Resources, Inc, through its majority owned HNRAC Sponsors, LLC has sponsored a Special Purpose Acquisition Corp, HNR Acquisition Corp ("HNRA"), has closed its initial public offering listing on the NYSE with aggregate proceeds of $86,250,000 including the underwriters exercising their option.

The HNRA initial public offering of $75,000,000, consisting of 7,500,000 units at $10.00 per unit on the NYSE American ("NYSE American") and trades under the ticker symbol "HNRAU". The HNRA underwriter purchased an additional 1,125,000 units at the initial public offering price for an additional $11,250,000 and a total of $86,250,000,  prior to deducting underwriting discounts, commissions, and other offering expenses. According to the HNRA registration statement HNRAC Sponsors, LLC owns 359,375 HNRA common shares.

Each HNRA 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 NYSE quote for HNRA.U is available at the following link (https://bit.ly/3GTG3Dl).

HNRA 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 HNRA 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 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 phone 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. This press release contains statements that constitute "forward-looking statements," including with respect to the HNRA'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 HNRA, including those set forth in the Risk Factors section of  HNRA's registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. HNRA undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Houston Natural Resources Corp

Houston Natural Resources Corp (www.HoustonNaturalResources.com) (OTC: HNRC). The Company is dedicated to increasing shareholder value through developing natural resources with state-of-the-art innovative technologies in tandem with sustainable environmental services of toxic oil field waste disposal and recycling that are environmentally safe and socially responsible.

About Worldwide Diversified Holdings, Inc.

Worldwide Diversified Holdings, Inc.(www.wdhinc.net). The company is a diversified holding company with business operations and investments. The portfolio companies include investments in information technology and healthcare.

FORWARD-LOOKING STATEMENTS:

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

Contact:

Houston Natural Resources Corp.
Houston Texas USA.
E-mail: frank@HoustonNaturalResources.com
Phone: (757) 707-4563

 

 

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SOURCE Houston Natural Resources Corp.

FAQ

What was the amount raised in HNR Acquisition Corp's IPO?

HNR Acquisition Corp raised $86.25 million in its initial public offering.

When did HNR Acquisition Corp complete its IPO?

The IPO for HNR Acquisition Corp was completed on February 17, 2022.

What is the trading symbol for HNR Acquisition Corp?

HNRA is the trading symbol for HNR Acquisition Corp on the NYSE.

What will HNR Acquisition Corp focus on after its IPO?

HNRA will focus on merging or acquiring businesses in the natural resources sector.