Houston Natural Resources Corp (OTCMKTS:HNRC) Stock Gains Momentum: Here is Why

This may be a good time for investors to consider taking a look at the Houston Natural Resources Corp (OTCMKTS:HNRC) stock following the developments from yesterday.

HNRC Sponsored SPAC Starts Trading In $75 Million IPO On NYSE

Yesterday, the company announced that its subsidiary company Houston Natural Resources Inc had decided to be the sponsors of a Special Purpose Acquisition Corp named HNR Acquisition Corp for an initial public offering listing that is going to happen on the New York Stock Exchange. Houston Natural Resources did this through HNRAC Sponsors LLC, in which it owns a majority stake. It was a major new announcement from Houston Natural Resources Corp and it is likely to bring the stock into considerable focus over the course of the coming days.

The Houston Natural Resources Corp-sponsored Special Purpose Acquisition Company actually started trading on the New York Stock Exchange back on February 11. In the initial public offering that was worth as much as $75,000,000, the company offered a total of 7,500,000 units for $10 each.

The day trading volume had hit as much as 7,698,060 on the first day. It goes without saying that the IPO of the sponsored SPAC was a major milestone for Houston Natural Resources Corp and it is now going to be interesting to see how the stock performs in the coming days.

The president of the company Frank Kristen spoke about the whole thing on Monday as well. He congratulated the management team for having executed the initial public offering successfully and went on to state that the milestone was a particularly important one to the business plans that the company had put in place in the past.

However, more importantly, Kristen stated that Houston Natural Resources Corp was going to continue to sponsor similar SPACs in the future which are going to be involved with the energy industry.

Shares of HNRC are trading higher by 15% in the morning session on Tuesday.

Key Quote

Frank Kristan, President of Houston Natural Resources Corp, stated:

“We would like to congratulate the management team on its successful initial public offering. This validates the company’s previously outlined business plan, and we look forward to sponsoring other special purpose acquisition corporations in the energy industry.”

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