HNRC FILES REGISTRATION STATEMENT FOR WDHI LISTING HOUSTON, June 30, 2023 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("Company") announced today that it has filed a registration statement for Worldwide Diversified Holdings, Inc to register the shares involved in the spin-off. The trading of the WDHI shares will be subject to a registration statement being approved by the SEC. We will continue to keep shareholders updated on the process. WDHI anticipates a NASDAQ listing with a target price of $3.50 per share.
The Company has previously announced that, effective May 26, 2023 the Board of Directors has approved the transfer of the non-energy investments of $53,307,324 in exchange for common shares of Worldwide Diversified Holdings, Inc ("WDHI"). The Company received the requisite stockholder approval granting the Board of Directors the authority to affect the transfer of the assets and approve the dividend to the shareholders. The transaction is proposed to be a non-taxable spin-off, meeting the business purpose of separating the company's non-energy assets.
The company's transfer agent, Equiniti Shareowner Services, has been appointed as the transfer agent for Worldwide Diversified Holdings, Inc and the dividend agent. The company has received the new CUSIP number for WDHI shares and applied to reserve WDHI as the trading symbol.
WDHI has a legacy portfolio in the technology, telecommunications, and software industries. It will focus on additional opportunities in Artificial Intelligence and food technologies.
The company also reiterated that it intends to continue to implement its dividend policy in 2023 and expects to pay additional dividends to its shareholders this year from liquidity events.
The company also announced that it expects to complete the acquisition of 100% interest in Cunningham Energy, with appraised reserves of $352 million, in July 2023.
The company is preparing to file an SEC registration for HNRC uplisting to NASDAQ after the acquisition of Cunningham Energy has been completed.
The company had announced that it has signed a $10 million-dollar underwriting commitment for acquisitions and a listing to a major exchange. The company anticipates uplisting to NASDAQ completion in the third or fourth quarter this year. The benefits an underwriter can provide to the company include acquisition and expansion capital, market awareness and analyst coverage to help increase market interest and to the company's business model.
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