HNRC SPONSORED SPAC STARTS TRADING IN $75 MILLION IPO ON NYSE

Rhea-AI Summary

On February 14, 2022, Houston Natural Resources Corp. (OTC: HNRC) announced that its subsidiary launched HNR Acquisition Corp (HNRA) as a Special Purpose Acquisition Corp (SPAC) for an IPO on the NYSE. The IPO aims to raise $75 million, comprising 7.5 million units priced at $10 each. HNRA began trading on February 11, 2022, with an initial volume of 7,698,060 units. The SPAC intends to focus on energy assets in North America. EF Hutton is the sole book-running manager for this offering, which includes an option for the underwriter to purchase additional units.

Positive

• Successful IPO with $75 million raised for HNRA.
• Initial trading volume of 7,698,060 units, indicating strong investor interest.
• Focus on energy sector offers potential growth opportunities.

Negative

• None.

HOUSTON, Feb. 14, 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"), for an initial public offering listing on the NYSE.

HNRA started trading on Friday February 11, 2022 for its 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 initial trading day volume was 7,698,060 units. 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.

Frank Kristan, President of Houston Natural Resources Corp, stated:

"We would like to congratulate the management team on its successful initial public offering. This validates the company's previously outlined business plan, and we look forward to sponsoring other special purpose acquisition corporations in the energy industry." 

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. HNRA 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 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.
E-mail: frank@HoustonNaturalResources.com  
Houston Texas USA.
+1 757-707-4563

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SOURCE Houston Natural Resources Corp.

FAQ

What was the purpose of the HNR Acquisition Corp IPO on February 14, 2022?

The purpose of the HNR Acquisition Corp IPO was to raise $75 million for the SPAC to pursue business combinations in the energy sector.

When did HNR Acquisition Corp start trading on the NYSE?

HNR Acquisition Corp started trading on the NYSE on February 11, 2022.

What is the stock symbol for HNR Acquisition Corp?

The stock symbol for HNR Acquisition Corp is HNRAU.

How many units were offered in the HNR Acquisition Corp IPO?

The IPO offered 7.5 million units, priced at $10 each.

Who is managing the HNR Acquisition Corp IPO?

EF Hutton, division of Benchmark Investments, LLC, is managing the HNR Acquisition Corp IPO.