KLR Energy Acquisition Corp. has closed its initial public offering (IPO) of 8,000,000 units. The offering was priced at $10 per unit, resulting in gross proceeds of $80,000,000 before deducting underwriting discounts and commissions and other offering expenses by the company.
KLR’s units began trading on the NASDAQ Capital Market under the ticker symbol "KLREU" on March 11. Each unit consists of one share of the company's Class A common stock and one warrant, enabling the holder thereof to purchase one share of the Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on NASDAQ under the symbols "KLRE" and "KLREW," respectively.
EarlyBirdCapital served as sole book-running manager for the offering. KLR Energy has granted the underwriters a 45-day option to purchase up to 1,200,000 additional units to cover over-allotments, if any.