Glori Energy Inc. and Infinity Cross Border Acquisition Corp., which merged for $185 million April 14, closed a share tender offer and a warrant tender offer on April 11, the company said April 14. The offers were for the purchase of up to 4,750,000 shares and 5,750,000 warrants, respectively, Infinity Cross Border said.
The merger was first announced Jan. 8, the company noted. Glori Energy now trades on NASDAQ under “GLRI” and “GLRIW” tickers, Infinity Cross Border added.
Regarding the tender offer of 4,750,000 shares, a total of 2,351,533 shares were tendered, and payment for them was deducted from the gross proceeds, Infinity Cross Border said.The tender offer of 5,750,000 warrants allowed shares to be purchased at 60 cents per warrant, the company said. Regarding them, a total of 7,100 warrants were tendered and the remaining ones are exercisable at $10 per share, the company added.
Additionally, Infinity Group, which had sponsored Infinity Cross Border, closed a private placement with Hicks Equity Partners, Infinity Cross Border said. The private placement was closed alongside the merger on April 14, the company added. Gross proceeds from the private placement were $35.7 million, the company said, noting that the amount came after payments from the share tender offer.
Hicks, Infinity Group and other investors purchased about $8.5 million of Glori Energy’s common stock, Infinity Cross Border said. An overallotment option allowed another $16.5 million of stock to be purchased, the company added.
Houston-based Glori Energy Inc. provides oil recovery technology to producers, and it also acquires and redevelops domestic oil fields.
Hicks Equity Partners is the private-equity segment of Dallas-based Hicks Holdings LLC.
Recommended Reading
Haynesville’s Harsh Drilling Conditions Forge Tougher Tech
2024-04-10 - The Haynesville Shale’s high temperatures and tough rock have caused drillers to evolve, advancing technology that benefits the rest of the industry, experts said.
TGS, SLB to Conduct Engagement Phase 5 in GoM
2024-02-05 - TGS and SLB’s seventh program within the joint venture involves the acquisition of 157 Outer Continental Shelf blocks.
2023-2025 Subsea Tieback Round-Up
2024-02-06 - Here's a look at subsea tieback projects across the globe. The first in a two-part series, this report highlights some of the subsea tiebacks scheduled to be online by 2025.
StimStixx, Hunting Titan Partner on Well Perforation, Acidizing
2024-02-07 - The strategic partnership between StimStixx Technologies and Hunting Titan will increase well treatments and reduce costs, the companies said.
Tech Trends: QYSEA’s Artificially Intelligent Underwater Additions
2024-02-13 - Using their AI underwater image filtering algorithm, the QYSEA AI Diver Tracking allows the FIFISH ROV to identify a diver's movements and conducts real-time automatic analysis.