Pure Acquisition Corp. Completes Upsized $414,000,000 Initial Public Offering

4/18/18

FORT WORTH, Texas, April 18, 2018 (GLOBE NEWSWIRE) -- Pure Acquisition Corp. (NASDAQ:PACQU), an energy-focused special purpose acquisition company sponsored by an affiliate of HighPeak Energy Partners, LP and formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities, today announced the closing of its initial public offering of 41,400,000 units including 5,400,000 units issued pursuant to the exercise by the underwriters of their full over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $414,000,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The Company’s units began trading on the NASDAQ on Friday, April 13, 2018 under the ticker symbol “PACQU”. Each unit consists of one share of the Company’s Class A common stock and one-half of one warrant, each whole warrant enabling the holder thereof to purchase one whole share of 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 the NASDAQ Stock Market under the symbols “PACQ” and “PACQW,” respectively.

Oppenheimer & Co. and EarlyBirdCapital, Inc. acted as Joint Bookrunning managers of the offering and I-Bankers Securities, Inc. served as Co-manager.

About Pure

Pure Acquisition Corp. is a newly organized blank check company formed under the laws of the State of Delaware for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. Pure intends to focus its search on businesses in the energy industry with an emphasis on opportunities in the upstream oil and gas industry in North America where its management team’s networks and experience are suited although its efforts to identify a prospective target business will not be limited to a particular industry or geographic region.