KLR consummates over-allotment exercise related to IPO

KLR Energy Acquisition Corp. has consummated the sale of an additional 185,320 units that were subject to the underwriters' over-allotment option in its initial public offering (IPO). The additional units were sold at $10 per unit, generating additional gross proceeds of $1,853,200 to the company and bringing the total gross proceeds of the IPO to $81,853,200.  

Of the proceeds received from the consummation of the over-allotment option exercise of units and a simultaneous private placement of warrants to KLR Energy Sponsor LLC, the company's sponsor, and EarlyBirdCapital, the sole book-running manager for the offering, $1,927,327.50 was placed in trust, increasing the amount in trust from $83,200,000 to a total of $85,127,327.50 (or $10.40 per unit sold in the public offering) held in trust.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...