Nabors (NBR) Announces SPAC Registration With $300M IPO Plan
Nabors Industries Ltd NBR, a North American land drilling contractor, announced the formation of a special purpose acquisition company (SPAC) named Nabors Energy Transition Corp. II (“NETD”). NETD filed a registration statement in Form S-1 with the Securities and Exchange Commission with regard to a proposed initial public offering (IPO) of its units.
According to Nabors, NETD intends to raise $300 million through the proposed IPO and list its units on the Nasdaq Global Market under the symbol “NETDU”. Each unit will consist of one Class A ordinary share of NETD and one-half of one redeemable warrant to purchase one Class A ordinary share of NETD.
NETD was established with the intention of carrying out a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or other similar business combinations with one or more businesses or entities.
In order to efficiently identify and leverage investment opportunities, NETD intends to make the most of Nabors' unique energy transition knowledge as well as its expertise in developing and deploying discrete, mobile assets, advanced technologies and applications globally.
Senior executives from Nabors, including the CEO and CFO, will run the new SPAC.
Zacks Rank & Key Picks
Nabors currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are Evolution Petroleum Corporation EPM, YPF Sociedad Anonima YPF and RGC Resources Inc. RGCO. Evolution Petroleum sports a Zacks Rank #1 (Strong Buy), and YPF Sociedad Anonima and RGC Resources carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum is an independent energy company. It was formed to acquire and develop oil and gas fields and apply both conventional and specialized technology to accelerate production, particularly in low-permeability reservoirs. EPM has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
YPF Sociedad Anonima is an international energy company, based on the integrated business of hydrocarbons. With its headquarters in Latin America, the company has high standards of efficiency, profitability and responsibility. YPF enjoys a dominant position in Argentina's exploration, production, refining and marketing sectors, as well as a growing presence in petrochemicals.
RGC Resources is a holding company that offers energy and associated products and services through its operational subsidiaries — Roanoke Gas Company and RGC Midstream, LLC. RGCO has thousands of customers through its natural gas distribution companies that serve the Roanoke Valley and Bluefield, Virginia and West Virginia areas.
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