Granite Ridge Resources, Inc. (GRNT): M&A transaction — Granite Ridge completes de-SPAC with ENPC, lists on NYSE as GRNT

Granite Ridge Resources, Inc.

Closed October 24, 2022; issued 130M shares to GREP members; $396.1M redeemed at ~$10.07/share.
Post-closing: 133.3M shares and 10.35M warrants outstanding; 97.5% held by Existing GREP Members.
New $150M senior secured revolver with initial $325M borrowing base; no borrowings outstanding at close.
$10M annual Management Services Agreement with Grey Rock Administration LLC, initial term through April 2028.
118.7M shares subject to lock-up (180 days or $12/share for 20/30 days or liquidation event).

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Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Granite Ridge Resources, Inc.: Company ceased to be a shell company upon closing of business combination.

Change: shell status

Exact text from the filing

As a result of the Business Combination, Granite Ridge ceased to be a shell company upon the closing of the Business Combination.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Granite Ridge Resources, Inc. underwent a change of control involving Executive Network Partnering Corporation and GREP Holdings, LLC for 130.0 million shares of Granite Ridge common stock (closed 2022-10-24).

Action: change of control
Counterparty: Executive Network Partnering Corporation and GREP Holdings, LLC
Consideration: 130.0 million shares of Granite Ridge common stock
Closing: 2022-10-24

Exact text from the filing

Existing GREP Members were issued 130.0 million shares of Granite Ridge common stock at the Closing.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Granite Ridge Resources, Inc. amended Warrant Agreement Amendment and Assignment with ENPC and Continental Stock Transfer & Trust Company.

Action: amendment
Agreement: equity purchase
Counterparty: ENPC and Continental Stock Transfer & Trust Company

Exact text from the filing

On the Closing Date, the Company entered into the Assignment, Assumption and Amendment Agreement (the “Warrant Agreement Amendment and Assignment”), by and among the Company, ENPC and Continental Stock Transfer & Trust Company (“Continental”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Granite Ridge Resources, Inc. entered into Registration Rights and Lock-Up Agreement with ENPC Holdings II, LLC, Richard Boyce, Michael M. Calbert, Gisel Ruiz and the holders of membership interests in GREP.

Action: entry
Agreement: equity purchase
Counterparty: ENPC Holdings II, LLC, Richard Boyce, Michael M. Calbert, Gisel Ruiz and the holders of membership interests in GREP

Exact text from the filing

On the Closing Date, the Company entered into the Registration Rights and Lock-Up Agreement (the “RRA and Lock-Up Agreement”) with ENPC Holdings II, LLC, a Delaware limited liability company (“Holdco”), Richard Boyce, Michael M. Calbert, Gisel Ruiz and the holders of membership interests in GREP (the “Existing GREP Members”), with respect to the shares of Granite Ridge common stock issued as consideration under the Business Combination Agreement.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Granite Ridge Resources, Inc. terminated Letter Agreement with ENPC, ENPC Holdings, LLC, and Holdco.

Action: termination
Counterparty: ENPC, ENPC Holdings, LLC, and Holdco

Exact text from the filing

In connection with the consummation of the Transactions, the letter agreement, dated September 15, 2020, by and among ENPC, ENPC Holdings, LLC, a Delaware limited liability company (“Sponsor”), Holdco and the other parties thereto, was terminated at closing and Sponsor, Holdco and such parties will not be subject to contractual lock-up periods preventing them from transferring any shares of Granite Ridge common stock beneficially owned or otherwise held by them.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Granite Ridge Resources, Inc. entered into Management Services Agreement with Grey Rock Administration, LLC valued at $10 million.

Action: entry
Counterparty: Grey Rock Administration, LLC
Value: $10 million

Exact text from the filing

On the Closing Date, in connection with the consummation of the Business Combination, Grey Rock Administration, LLC, a Delaware limited liability company (“Manager”) indirectly owned by four of the Company’s directors, Matthew Miller, Griffin Perry, Thaddeus Darden and Kirk Lazarine, entered into a Management Services Agreement with Granite Ridge (the “MSA”).

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89 governance changes filed in the last 30 days. Browse all governance changes →

Granite Ridge Resources, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-112452

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