HNR Acquisition, a blank check company formed by Houston Natural Resources targeting the North American energy sector, raised $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and three-fourths of a warrant, exercisable at $11.50. The SPAC originally filed in January 2021, before lowering its deal size by 25% earlier this week.
The company is led by CEO and Chairman Donald Goree, the founder and CEO of global natural resource corporation Houston Natural Resources, former MD of Rhone Merchant House, and former CEO of Global Xchange Solutions. The SPAC's President and Director Donald Orr currently serves as President of Houston Natural Resources, and previously founded 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 plans to list on the NYSE American under the symbol HNRAU. EF Hutton acted as sole bookrunner on the deal.
