Desert Peak Minerals, Falcon Minerals Close Merger.
MANews-(C)2009-2022
US-based oil and gas mineral and royalty companies Desert Peak Minerals and Falcon Minerals Corp have closed their merger, creating Sitio Royalties Corp. (NASDAQ: STR), the companies said.
Sitio Royalties is focused on large-scale consolidation of high-quality oil and gas mineral and royalty interests across diversified operators.
On June 3, 2022, prior to the consummation of the merger, Falcon effected a four-to-one reverse stock split of Falcon's class A common stock and Class C common stock and formally rebranded as Sitio Royalties Corp.
The company's class A common stock and warrants will initially continue trading on NASDAQ under the ticker symbols "STR" and "STRDW."
In connection with the closing of the merger, the company entered into a new credit facility with a USD 300m borrowing base.
In accordance with the terms of the merger agreement, Desert Peak became a subsidiary of Falcon's operating partnership.
Desert Peak's equity holders received 61,905,339 shares of the...
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