HNR Acquisition, a blank check company formed by Houston Natural Resources targeting the North American energy sector, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Houston, TX-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock; one warrant to purchase one-half of a share, exercisable at $11.50; and one right to received one-tenth of a share upon the consummation of an initial business combination. At the proposed deal size, HNR Acquisition would command a market value of $130 million.
The company is led by CEO and Chairman Donald Goree, the founder and CEO of global natural resource corporation Houston Natural Resources, and President Donald Orr, who currently serves as President of Houston Natural Resources and is also the founder, owner, and geologist at independent oil and gas company XNP Resources. HNR Acquisition plans to target 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.
HNR Acquisition was founded in 2020 and plans to list on the NYSE under the symbol HNRAU. Kingswood Capital Markets is the sole bookrunner on the deal.
