Summary by Futu AI
HNR Acquisition Corp (HNRA) has successfully completed the acquisition of Pogo Resources, LLC, an oil and gas company with operations in the Permian Basin, on November 15, 2023. The deal, valued at $82.8 million, was financed through a mix of cash from an IPO, a senior secured term loan, and other financing agreements. In the transaction, HNRA issued 2 million shares of Class B Common Stock and 1.5 million preferred units of OpCo, with an additional 500,000 shares of Class B Common Stock held in escrow. Post-acquisition, HNRA has entered into several agreements including a registration rights agreement, an option agreement, a backstop agreement, and a founder pledge agreement, as well as a forward purchase agreement with Meteora Capital Partners, LP. Despite the expansion, HNRA...Show More