KLR Energy Acquisition, a blank check company formed by KLR Group to acquire a US oil and gas E&P, filed and set terms for its IPO on Tuesday.
The Houston, TX-based company plans to raise $130 million by offering 13 million units at a price of $10, which consist of one common share and one warrant exercisable at $11.50. At the proposed offering price, KLR Energy Acquisition would command a fully diluted market value of $163 million. The company has not identified any business combination targets nor initiated any substantive discussions with any business combination targets.
KLR Energy Acquisition was formed in 2015 plans to list on the Nasdaq under the symbol KLREU. EarlyBird Capital is the sole bookrunner on the deal. Deal timing has not been determined.
