Starting the Week with 2 DAs

by | May 16, 2022

Starting the week off with 2 DAs– oil & gas and battery tech. And the rest of the day’s news in SPACs.

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SPAC Deal: ENPC + Grey Rock Investment Partners

Executive Network Partnering Corporation (ENPC) announces DA with Grey Rock Investment Partners to form Granite Ridge Resources Inc. — an oil and gas exploration and production company. The transaction values Great Rock at an enterprise value of $1.3B, with an expected 3.5% – 4.6% dividend yield. Slide deck here.

SPAC Deal: Chardan NexTech Acquisition 2 Corp. + Dragonfly Energy

Chardan NexTech Acquisition 2 Corp. (CNTQ) announces DA with Dragonfly Energy (DFLI), a manufacturer of deep cycle lithium-ion storage batteries. The transaction values the company at an enterprise value of $500M, including a $75M term loan, $5M from sponsor, and $150M equity facility. Dragonfly’s 2021 revenue and adjusted EBITDA were $78 million and $8.7 million, respectively.

Elsewhere in SPACs

Source: Boardroom Alpha

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