HNRC UPDATES ON SECOND $100 MILLION DOLLAR SPAC The company intends to invest in a second SPAC that has filed an S-1 registration statement this month for a $100 million dollar offering. It intends to list by the end of the second quarter of 2022.
The company sponsored a successful $86 million NYSE listing of an energy focused SPAC during the first quarter of 2022. HNRC is currently evaluating six other SPAC opportunities and has identified a third SPAC for listing in the third quarter.
This strategy will result in a dividend to its shareholders, after the lock up period has expired, on each of the SPAC investments. This would provide quarterly dividends through the end of 2023.
The company expects to realize at least $3m on each of its SPAC investments to be added to its existing earnings in 2022 and 2023. This could provide shareholders with more than $0.30c per share in annual dividends.
The company is evaluating sponsoring other energy focused SPACS, including traditional oil and gas, renewable energy and waste to energy opportunities.
https://www.prnewswire.com/news-releases/hnrc-updates-on-second-100-million-dollar-spac-301556056.html