HNR Acquisition called a May 11 stockholders meeting for a vote on whether to push the SPAC's deal deadline from May 15 up to Nov. 15. If approved, the sponsor would deposit into trust the lesser of $120,000 or 4 cents a share for each month required.
HNR Acquisition has a deal in hand with Dallas-based Pogo Resources, which acquires, develops and exploits oil and gas assets in Texas' Permian Basin. The purchase price is $100 million in cash (of which $15 million may be in a promissory note), plus $20 million in stock.
HNR has non-redemption agreements for an undisclosed number of shares.
At deal announcement in January the SPAC's trust was just shy of $90 million. Read more.
Source: HNR Acquisition Wants Up to 6 More Months to Complete Pogo Merger