Summary by Futu AI
HNR Acquisition Corp, a Delaware-based company, has successfully completed the acquisition of Pogo Resources, LLC, an oil and natural gas company with operations in the Permian Basin, on November 15, 2023. The transaction was treated as a business combination in accordance with GAAP. The total consideration involved a mix of cash, shares of Class A and Class B Common Stock, OpCo Class B Units, OpCo Preferred Units, a Seller Promissory Note, and other agreements. To facilitate the acquisition, HNR Acquisition Corp increased its authorized shares and reclassified its common stock through a Second Amended and Restated Certificate of Incorporation. The financing for the deal came from a Senior Secured Term Loan, funds from a Trust Account, and proceeds from private notes...Show More