In order to reward the shareholders, the Company intends to pay a dividend in the third quarter of this year between July 1, 2022 and September 30, 2022. This is in the anticipation of the Company receiving a distribution from its investment in HNR Acquisition Corp ("HNRA") a special purpose acquisition corporation that trades on the NYSE (https://hnra-nyse.com/). The Company intends to dividend the value of the investment in cash or shares to its shareholders. When the shares or cash are available for distribution the Company will announce the definitive date for shareholders of record to receive the dividend.
If the Company's current holdings of 359,375 common shares are available for distribution for a dividend @ $10 per share, then the value of the distribution in cash or shares would be $3,593,750 at $0.17c per share. If the shares trade at $12.00 per share, then the distribution in cash or shares would be $4,312,500 or $0.20c per share. If the shares trade at $20.00 per share, then the distribution in cash or shares would be $7,187,500 or $0.33c per share.
The company intends to continue to sponsor additional special purpose acquisition corporations during the fiscal year ending December 31 that would provide for additional dividends.
The company has also become aware of a naked short position in the trading of its stock on the OTC markets. Some days as much as 80% of the shares being shorted in one day. In the last 10 trading days there has been 1,221,507 shares traded or an average of 122,150 shares per day and 692,538 shares shorted with an average of 69,253 shares shorted per day. There is an average 57% daily naked short position. The information is at the OTC Short Report https://bit.ly/36sGDvz.
https://www.prnewswire.com/news-releases/hnrc-gives-update-on-dividend-policy-and-short-position-301505206.html