HHRS "MENLO PARK, Calif. and CALGARY, AB, Sept. 26, 2022 /PRNewswire/ -- Hammerhead Resources Inc., a Calgary-based energy company ("Hammerhead"), and Decarbonization Plus Acquisition Corporation IV (Nasdaq: DCRD, DCRDW, DCRDU), a special purpose acquisition company ("DCRD"), announced today that they have entered into a definitive agreement for a business combination that values Hammerhead at C$1.39 billion. Upon closing of the transaction, the combined company is expected to be listed on the Nasdaq Capital Market ("Nasdaq") and trade under the ticker symbol "HHRS".
Closing of the transaction is expected to occur in Q1 2023. The combined company will continue to be managed by Hammerhead's current executive team, led by CEO Scott Sobie."
If the above transaction is approved and closed, I'll be following closely HHRS and may even consider it as an investment. If it achieves a strong valuation on the Nasdaq, it would make sense for Riverstone to merge PIPE with HHRS.
This is pure speculation. Until then and depending on market conditions and other opportunities, I'll continue holding PIPE and collecting the dividend while waiting. Better clarity in the second half of 2023 if, among other things such as keeping a lid on rising operating cost, the company will achieve or exceed the recently updated and more reasonable guidance of 35,000 boed annual average.