Pure Acquisition Corp. (PACQ), announced this afternoon, in an expected move, that it had terminated its transaction with HighPeak Energy. The decision was mutual and is effective as of April 24, 2020.
Additionally, Pure Acquisition Corp. simultaneously filed an extension proxy whereby they will be looking to extend their deadline from May 21, 2020, to August 21, 2020, or an additional three months. So far, the vote date, record date and amount to be contributed to trust for the extension have been left blank, but it appears there will be a contribution since there are currently place holders left to be filled in at a later filing.
However, seeing as how the energy sector is currently under extreme duress, the termination of this combination agreement was anticipated. The upside for Pure is, they have effectively cleaned up their warrant overhang via their multiple tender offers. As of the most recent tender offer results, only 328,888 public warrants remain outstanding, which makes Pure’s SPAC, with approximately $374 million in trust, much more attractive for any future acquisition candidates. The only question is, within which sector will they look for their next combination?
We have until the end of August find out, but since Pure has only asked for three additional months, let’s hope that means they have a back-up transaction already in the works.
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