The special purpose acquisition company of Houston Natural Resources Corporation (OTC:HNRC) named HNR Acquisition Corp. could well be one of the companies that investors could take a closer look into.
On November 8, the company entered the news cycle after it announced that on the previous day it had filed a registration statement on Form S-1 for the registration of around 1.3 million shares. The company noted that the shares had been issued previously before the initial public offering for the facilitation of the listing of the same on the New York Stock Exchange.
HNR Acquisition Corp. noted that it was going to host a meeting of shareholders on November 13, 2023, for the approval of the initial business combination. The company made the Form S-1 filing as part of its preparation for the closing of its business combination with Pogo Resources Inc.
Additionally, Pogo and its subsidiaries would also complete the acquisition of the Grayburg-Jackson oil field located in the Permian Basin. In order to facilitate all these, the company called a special meeting of shareholders to approve the business combination. Additionally, a meeting of shareholders had also been scheduled for the following day for the extension of time necessary for the completion of the business combination.
The company further revealed that for any shareholder whose redemption payment gets distributed following the deposit into the trust, the redemption amount per share would also be higher due to the higher trust fund payments. That may happen due to the extension of the period within which HNR Acquisition Corp. would need to close the business combination. As a consequence, the board of directors of the company also recommended to the shareholders that they approve the proposals for the extension agreement. It could be a good move to keep an eye on the stock in the coming days.