KLR Energy Acquisition Corp. has priced its initial public offering (IPO) of 8,000,000 units at a price of $10 per unit. The units are expected to be listed on the NASDAQ Capital Market and to trade under the ticker symbol "KLREU" beginning March 11. The IPO is expected to close March 16.
Each unit consists of one share of KLR’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 Inc. is acting as sole book-running manager for the offering. KLR has granted the underwriters a 45-day option to purchase up to an additional 1,200,000 units at the IPO price to cover over-allotments, if any.
KLR Energy Acquisition Corp. is a special-purpose acquisition entity focused on oil and gas exploration and production. The company was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities. KLR Energy Acquisitions Corp. is being sponsored by KLR Energy Sponsor LLC, an affiliate of KLR Holdings LLC.