HNR Acquisition Corp enters agreement to acquire Pogo Resources for $100M cash and 2M shares

EON Resources Inc.

Base purchase price: $100M cash (up to $15M via seller promissory note) plus 2M SPAC shares valued at $10/share.
Closing conditions include stockholder approval, HSR clearance, minimum cash of $85M, and no material adverse effect.
SPAC stockholders holding a majority of shares signed support agreement to vote in favor and waive redemption rights.
Closing targeted by March 31, 2023, extendable to April 30, 2023 if proxy mailed by March 31.
Promissory note carries 12% interest, 6-month maturity, and restricts asset sales without repayment.

Key facts

Extracted from this filing and checked against the source text.

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

EON Resources Inc. entered into Membership Interest Purchase Agreement with CIC Pogo LP, DenCo Resources, LLC, Pogo Resources Management, LLC, 4400 Holdings, LLC valued at cash in the amount of $100,000,000 (effective 2022-12-27).

Action: entry
Agreement: asset purchase
Counterparty: CIC Pogo LP, DenCo Resources, LLC, Pogo Resources Management, LLC, 4400 Holdings, LLC
Value: cash in the amount of $100,000,000
Effective: 2022-12-27

Exact text from the filing

On December 27, 2022, HNR Acquisition Corp, a Delaware corporation (the “ Company ”), entered into a membership interest purchase agreement (the “ MIPA ”) with CIC Pogo LP, a Delaware limited partnership (“ CIC ”), DenCo Resources, LLC, a Texas limited liability company (“ DenCo ”), Pogo Resources Management, LLC, a Texas limited liability company (“ Pogo Management ”), 4400 Holdings, LLC, a Texas limited liability company (“ 4400 ” and, together with CIC, DenCo and Pogo Management, collectively, “ Seller ” and each a “ Seller ”), and, solely with respect to Section 7.20 of the MIPA, HNRAC Sponsors LLC, a Delaware limited liability company (“ Sponsor ”).

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15 material agreements filed in the last 30 days. Browse all material agreements →

EON Resources Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-000470

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