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SPAC Decarbonization Plus Acquisition Corp. IV (NASDAQ:DCRD) shareholders will vote on whether to approve its planned merger with Canadian oil and gas company Hammerhead Resources on Jan. 23.
DCRD said that it expects the deal to close in February. The company had previously said it sees the combined company’s stock trading on Nasdaq under the symbol HHRS.
Hammerhead and DCRD announced plans to merge in September, with the deal valuing Hammerhead at a pre-money enterprise value of C$1.4B.
Based in Alberta, Hammerhead has an asset base of 111 net acres and 146 gross producing wells in the Alberta Montey trend in Western Canada. The company has also launched a decarbonization investment campaign that will require around $240M in capital between 2023 and 2029, with the goal of achieving net zero by 2030.
DCRD held it initial public offering in August 2021, raising $316M.
For a look at what’s in store for the market this year, check out “Seeking Alpha Contributors See Another Negative Year in 2023.”
