SPAC - Special Purpose Acquisition Company -- text on a torn dollar bill


SPAC Decarbonization Plus Acquisition Corp. IV (NASDAQ:DCRD) plans to merge with Canadian oil and gas producer Hammerhead Resources through a deal that pegs the implied enterprise value at $1.15B.

The deal is expected to generate gross proceeds of around $320M, assuming few redemptions. The combined company plans to use the cash in part to advance its carbon capture and sequestration program.

The transaction is expected to close in Q1 2023, with the combine company’s shares trading on Nasdaq under the symbol HHRS.

Decarbonization Plus held its initial public offering in August 2021, raising $275M. 

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