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The Texas Lawbook

Free Speech, Due Process and Trial by Jury

  • Appellate
  • Bankruptcy
  • Commercial Litigation
  • Corp. Deal Tracker/M&A
  • GCs/Corp. Legal Depts.
  • Firm Management
  • White-Collar/Regulatory
  • Pro Bono/Public Service/D&I

CDT Roundup: 8 Deals, 5 Firms, 74 Lawyers, $2.3B

November 29, 2022 Claire Poole

Is the tide turning for old fashioned – i.e., non-SPAC – initial public offerings?

Denver-based BKV Corp., backed by Thailand coal and power producer Banpu Pcl, announced Nov. 18 it filed for an IPO without disclosing the amount of shares or the price per share (see below). Baker Botts, who has counseled the company before, is advising on the issue, which may value BKV at $2 billion including debt, according to a Reuters report.

BKV has been on an acquisition tear, first buying Carrizo Oil & Gas Inc.’s and Reliance Industries’ properties in Appalachia’s Marcellus shale in 2017 for $210 million, making it a major northeast gas producer. BKV added to its portfolio by buying Warren Resources Inc.’s entire northeast Marcellus position that same year for $105 million.

Then, in 2020, BKV bought all of Devon Energy’s Barnett Shale properties for $830 million. To top that off, in November 2021 BKV acquired a 758-megawatt power generation facility in Temple, Texas, for $430 million, a move that leverages its gas production to generate electricity.

The power facility was one of the few plants that operated during the Texas freeze in February 2021 to feed power to the ERCOT grid. The sellers included Fortress Investment Group, Kennedy Lewis Investment Management and Ares Management. 

Finally, this past May, BKV purchased the Barnett Shale gas assets owned by XTO Energy, a unit of ExxonMobil, for $750 million with additional payments based on future natural gas prices. And in June, BKV and Enlink Midstream announced that they entered into a definitive agreement to develop a carbon capture and sequestration project in the Barnett to address BKV’s own emissions.

BKV has emerged as one of the top 20 gas-weighted natural gas producers in the U.S. and is the largest natural gas producer in the Barnett Shale, projecting $1.2 billion in revenue this year. The company is certainly worth watching, whether it signals a resurgence of the traditional IPO – or not.

During the holiday-shortened week ending Nov. 26, Texas lawyers reported only eight deals: three M&A transactions with a reported value of $76 million, and five capital markets and credit transactions totaling just under $2.2 billion. The $76 million in reported value for M&A deals was the lowest for M&A in a single week since July 2020, which saw only $65 million in a pandemic-stricken market.

Last week, in a full week of transactions, there were 21 deals worth $2.9 billion. But last year’s Thanksgiving week recorded only 9 transactions valued at $3.5 billion.

Weekly Corporate Deal Tracker Roundup Stats

A compilation of weekly stats from The Lawbook's CDT Weekly Roundup
(Deal Values in Millions)

Week EndingDeal CountAmountFirmsLawyersM&A CountM&A Value $MCapM CountCapM Value $M
February 4, 202217$8,0661512513$5,6144$2,452
January 28, 20237$2,1807755$1,692.752$488
January 21, 202317$5,7681617412$1,9185$3,850
January 14, 202311$2, 800101028$4213$2,400
January 7, 202318$8,2961116714$6,4613$1,835
December 31, 202214$2,732119912$2,0922$640
December 1714$7,9191311512$7,4191$500
December 10, 202214$10,093128811$7,0933$3,000
December 3, 202226$12,800.91117220$4,1416$8,659.9
November 26, 20228$2,266.7853$765$2,190.7
November 19, 202221$2,8861521219$2,5502$336
November 12, 202213$15,093.79819$14,2004$893.7
November 5, 20222519,337.21650922$8,267.23$11,070
October 29, 202215$7,805.3911614$7,180.31$625
October 22, 202220$8,193.51325313$5,4427$2,751.5
October 15, 20229$3,046.191397$2,588.32$457.8
October 8, 202219$2,011.81211416$833.83$1,178
October 1, 202223$5,532.91615618$4,952.35$580.6
September 24, 202218$5,1941421615$4,0503$1,144
September 17, 202221$8,352.31232015$4,759.66$3,592.7
September 10, 202215$19,853.51012613$19,403.62$450
September 3, 20229$2,3129629$2,31200
August 27, 202216$30,891.71013515$30,666.41227.7
August 20, 202212$1,977815299253$1,052
August 13, 202218$8,004.71124211$2,844.77$5,160
August 6, 202224$7,948.91224017$3,5777$4,371.9
July 30, 20228$6,9419787$6,8391$102
July 23, 202211$801119210$80110
July 16, 202214$3,6501012214$3,65000
July 9, 202210$3,557.77689$3,557.710
July 2, 202218$8,609.41315215$2,754.43$5,855
June 25, 202215$6,142131469$2,0176$4,125
June 18, 202217$11,890.11422815$11,4102479.7
June 11, 202217$7,6001212310$2,3007$5,300
June 4, 202212$2,937101279$6923$2,245
May 28, 20229$3,197.611869$3,197.600
May 21, 202214$7,284.51218511$6,6093$675.5
May 14, 202211$306.698010$306.61$225
May 7, 202216$10,451.751210812$1,8274$8,624.75
April 30, 202216$2,296.51615712$895.54$1,401
April 23, 202210$2,24111588$16412$600
April 16, 202211$6,64371568$2,3593$4,284
April 9, 202217$4,4291418411$1,6906$2,739
April 2, 202213$1,75588410$1,1453$610
March 26, 202211$3,2058656$2005$3,005
March 19, 202213$2,239.17910613$2,239.1700
March 12, 202218$12,0161123915$11,9652$51.35
March 5, 202217$6,7861313713$5,1614$1,625
February 26, 202212$5,09581499$4,437.53$658
February 19, 202217$22,2291717414$21,3543$875
February 12, 202212$2,344.710738$641.74$1,703
February 5, 202211$2,50389911$2,50300
January 29, 202211$3,8721210112$3,87200
January 22, 202213$5,143.5109912$4,842.51$301
January 15, 202212$7,60591559$6,4803$1,025
January 8, 202213$8,256.21110213$8,256.200
January 1, 20229$1,273.86509$1,273.800
December 25, 202121$4,734.751117616$3,4105$1,324.75
December 18, 202126$7,325.21519318$3,640.28$3,685.2
December 11, 202116$5,0171010913$1,4173$3,600
December 4, 202114$2,3108868$2,3106$1,882.05
November 27, 20219$3.460.1101016$1,7583$1,702.6
November 20, 202120$22,7921515712$18,864.58$3,928
November 13, 202121$26,7291217813$11,8228$14,907
November 6, 202112$8,3031315710$6,6823$1,621
October 30, 202121$10,3681521815$9,24.46$1,103.
October 23, 202121$18.783.11522211$12,31410$6,468.6
October 16, 202115$3,8681111815$2,2932$1,575
October 9, 202120$8,6101617516$7,7954$815
October 2, 202114$6,2501113710$5,2004$1,050
September 25, 202111$11,4609937$10,2004$1,250
September 18, 202111$16,6038998$15,0843$1,519
September 11, 202117$10,6531110313$8,5034$2,150
September 4, 202113$7,222108911$6,7152$507
August 28, 202112$76396311$6631$100
August 21, 202112$29,65977911$29,5791$80
August 14, 202122$17,8451119912$12,80510$5,04
August 7, 202117$13,6701213915$11,7662$1,904
July 31, 202121$8,1601113410$3,57410$4,586
July 24,202121$6,3671113915$3,7126$2,655
July 17, 202114$4,0091112412$2,0152$1,994
July 10, 202116$3,9971314311$1,5974$2,4
July 3, 202124$7,492139416$3,7698$3,722
June 26, 202110$4,9957858$3,8472$1,148
June 19, 202128$16,83082289$1,86119$14,968
June 12, 202126$27,2381520919$25,6027$1,636
June 5, 202115$15,5391310013$14,7092$600
May 29, 202135$20,2791114528$18,647$1,639
May 22, 202124$53,2081417417$51,0477$2,161
May 15, 202118$10,6201322011$5,8707$4,809
May 8, 202117$10,4001115615$8,3862$2,500
May 1, 202121$7,2001611512$3,8089$3,392
April 24, 20218$20,2009318$20,20000
April 17, 202114$6,270810211$4,01803$2,260
April 10, 202115$8,9401312914$7,9901$950
April 3, 202118$19,5131015112$16,9236$2,590
March 27, 202127$13,9421524414$4,30013$9,633.5
March 20, 202111$2,04641023$2708$1,776
March 13, 202115$3,27091096$5389$2,732
March 6, 202124$13,6171019613$10,39511$3,222
February 27, 202119$8,1051213915$4,9704$3,135
February 20, 20219$8,82091538$8,5201$300
February 13, 202112$4,852.678172,7665$2,086.6
February 6, 202118$9,7521315314$5,2224$4,530
January 30, 202118$9,449918215$8753.83$695.3
January 23, 202114$8,15081186$4,0008$4,150
January 16, 202117$6,7831313811$2,4006$4,382.9
January 9, 202122$6,8291413518$3,139.34$3,690
January 2, 20217$1,4667607$1,46600
December 26, 202018$15,9001216316$5,3001$600
December 19, 202018$9,7691411014$8,4264$1,343
December 12, 202010$7,20091009$3,3251$3,830
December 5, 202015$4,26191229$2,7806$1,481
November 28, 202019$7,7581011013$4,0036$3,755
November 14, 202014$864.11415712$289.12$575
November 7, 202013$6,33291299$2,483.54$3,849
October 31, 202010$3,995.881036$3,231.14$754.7
October 24, 20206$18,1006585$17,7091$350
October 17, 20208$351.95558$351.900
October 10, 20207$5,2293504$7353$4,494
October 3, 202014$21,42891739$17,5355$3,893
September 26, 202010$12,7708935$10,3005$2,470
September 19, 202014$8,36591016$1,0208$7,345
September 12, 20206$4,4068593$1,2703$3,136
September 5, 202011$5,19181179$4,0612$1,130
August 29, 202011$2,5319945$1,1306$1,401
August 22, 202018$6,574121407$1,93011$4,644
August 15, 202013$4,99110977$1,2166$3,775
August 8, 202012$32,092111129$30,4573$1,635
August 1, 20207$5,2878765$3,6872$1,600
July 25, 20209$18,7516677$18,4032$348
July 18, 20206$1,982.55504$1,407.52$575
July 11, 202011$565.1127510$65.11$500
July 4, 202010$8,8898989$8,7881$100.3
June 27, 20208$6,87410505$4,972.53$2,081.5
June 20, 202012$4,44491157$2,8295$1,615
June 13, 20206$3,5824372$3504$3,232
June 6, 202011$3,213.78657$4704$2,743.7
May 30, 20208$7,3357486$4,6392$2,697
May 23, 20204$432.44343$432.410
May 16, 20206$3106345$31010
May 9, 202018$5,6301612414$3,1804$2,450
May 2, 20201510,40010908$1,9007$,8,500
April 25, 20208$3,4009365$1,0003$2,450
April 18, 202019$9,50014928$185.711$9,360
April 11, 202012$6,0009405$1907$5,800
April 4, 202014$8,200116810$2,2004$6,000
March 28, 202016$6,500139610$3,7006$2,800
March 21, 202011$11,9107337$2,2504$9,960
March 14, 20207809.86346684.81125
March 7, 202016$2,500157013$6693$1,400
February 29, 202013$15,2601312811$11,7602$3,500
February 22, 202012$3,700109210$2,5602$1,130
February 15, 202016$1,250108412$354$1,222
February 8, 202018$6,0801412314$2,5954$3,485
February 1, 202021$20,9001210114$17,8607$3,060
January 25, 202013$7,430136212$6,4301$1,000
January 18, 202023$9,5801512019$6,5804$3,000
January 11, 202021$14,2001819916$1,0205$13,200
January 4, 202022$6,4001111916$3,2046$3,245
December 28, 201922$7,1501917518$6,8004$327.4
December 14, 201924$36,3002316719$9,5005$26,800
December 7, 201911$10,40011557$1,0824$9,370
November 30. 201914$2,4501212612$1,7602$692.5
November 23, 201916$1,995104111$6155$1,380
November 16, 201915$3,8201313511$2,5004$1,271
November 9, 201925$12,9001718223$12,2002$575
November 2, 201910$2,470126192,4503$22
October 26, 201912$5,560147011$3,8601$1,700
October 19, 20198$6,60081388$6,60000
October 12, 201919$4,300145516$3,8003$500
October 5, 201918$14,5001916615$11,1003$3,400
September 28, 201919$8,1001813218$7,5601$550
September 21, 201914$6,300166611$2,1603$4,170
September 14, 201915$23,800125611$21,2504$2,570
September 7, 201917$3,500159814$1,9003$1,600
August 31, 20195$8,7006505$8,70000
August 24, 201916$10,000148215$4,2501$5,750
August 16, 201910$1,6805527$6503$950
August 9, 201917$17,700156814$3,9003$13,800
August 2, 201913$5,7601210813$5,760NANA
July 27, 201911$7,30013768$6,5703$730
July 20, 201913$11,8001312511$5,3002$6,500
July 13, 201910$7757468$542.52$233
July 6, 20197$2,5009857$2,50000
June 29, 201923$8,2901515417$2,3006$5,970
June 22, 201917$10,7001013914$7,7003$3,000
June 15, 201911$13,5001416011$13,500NANA
June 8, 201913$2,870175511$1,5702$1,300
June 1, 201910$4,46011608$4,1402$315
May 25, 201917$4,360147914$3,7003$612
May 18, 201922$9,0001715016$3,4006$5,600
May 11, 201918$19,8001717715$18,3003$1,500
May 4, 201910$7,0756328$6,9002$175
April 27, 201915$3,2001411714$3,1601$40
April 20, 201913$13,50010909$12,2004$1,300
April 13, 201916$38,900149114$37,8002$1,100
April 6, 201912$6,870119410$6,7302$50
March 30, 201915$6,470128410$7,91.55$5,677
March 23, 201918$6,450149114$5,0424$1,408
March 16, 201914$10,1801211511$8,8003$1,300
March 9, 20199$1,8006498$1,3001$500
March 2, 201920$3,0331610714$1,8176$1,262
February 23, 201912$2,0408699$614.63$1,430
February 16, 201916$9,970187716$9,97000
February 9, 201914$6,4001011014$6,40000
February 2, 201918$6,740159916$5,7202$950
January 26, 201913$2,770116711$918.952$1,850
January 19, 201915$3,819167612$2,5943$1,225
January 12, 201918$7,283149215$1,6833$5,600
January 5, 201910$529125010$52900
December 22, 201817$2,570138714$9413$1,629
December 15, 201810$2,8608268$2642$2,600
December 8, 201815$1,819166512$5523$1,267
December 1, 201812$7,50010909$1,2003$6,200
November 28, 201815$4,5001110714$4,0001$500
November 19, 201818$6,137139813$2,1425$3,995
November 14, 201818$9,2001315215$8,5003$694
November 6, 201816$17,3001618314$16,3612$950
October 29, 201814$14,4001812717$13,8001$600
October 24, 201813$6,1401312611$5,1222$1,018
October 17, 201818$18,3901512514$12,2924$6,098
October 10, 201829$3,1491810420$1,6479$819
October 2, 201818$9,300116714$7,3004$2,000
September 25, 201813$7,000117510$6,0003$995
September 18, 20189$3,5707449$3,57000
September 11, 201813$5,9001013213$5,90000
September 7, 201814$5,000158611$4,0003$1,000
August 29, 201815$20,700147913$4,7002$16,000
August 20, 201810$12,40011538$11,3803$1,057
August 14, 201812$19,900121329$18,8893$1,011
August 7, 201816$68,6001110613$67,2593$1,340
July 31, 201815$15,100159511$13,0604$2,060
July 23, 201813$2,130156010$1,8043$1,100
July 17, 201814$5,37017989$4,3105$1,100
July 9, 201816$11,200157410$11,0806$862
July 3, 201813$7,00078112$6,3301$750
June 25, 201815$8,80013979$4,9706$3,930
June 18, 201813$14,20014807$2216$14,290
June 11, 201812$6,3008968$5,9104$803
June 6, 201813$14,50010888$14,1545$579
May 31, 201811$4,89010638$3,2403$1,790
May 22, 201815$20,40011639$19,8086$885
May 15, 201815$4,7001510610$3,9005$643
May 9, 201811$1,40013889$1,3002$560
May 1, 20188$14,2507887$13,4001$450
April 24, 201812$5,30066111$4,4701$800
April 17, 20189$1,80010447$2,3302$1,434
April 11, 201811$2,5008326$1,6905$809
April 3, 201815$13,400111219$12,0206$1,090
March 28, 201810$4,00010927$3,8703$215
March 19, 201817$5,800135110$5907$5,165
March 12, 201815$3,130114311$2,3604$788
March 6, 201819$5,4001311610$1,5309$4,860
February 27, 201820$6,600136914$5,5306$1,030
February 19, 201815$5,5001411110$3,9906$1,980
February 12, 201823$10,9001715712$7,11011$3,840
February 5, 201816$8,600131007$1,3309$7,800
January 30, 201811$12,60011685$7,3006$4,982
January 24, 201819$9,400151295$2,01014$7,337
January 18, 201810$6,2808492$2,1008$4,188
January 9, 201812$16,50012929$15,8903$475
January 3, 201810$2,5009478$2,3502$150
December 27, 201715$9,000151139$7,5686$1,784
December 18, 201715$13,800161649$13,0107$1,118
December 11, 201714$9,7001012612$2,9404$8,500
December 4, 20176$1,8006315$1,5101$300
November 28, 20177$3,8508764$3,2603$285
November 16, 201710$2,70010486$1,8404$856
November 8, 201715$2,380179110$1,8605$516
November 1, 201712$4,70017949$3,4004$1,300
October 23, 201715$10,500106710$9,7804$1,530
October 18, 20176$2,000373$2253$1,820
October 10, 201712$6,5701009$3,8803$3,360
October 2, 20178$3,10011193$1,6305$1,750
September 25, 20178$4,8808795$2,6605$2,070
September 18, 20179$4,7703$3006$4,470
September 12, 201711$4,4308$2,0303$2,400
September 1, 20174$1,3103$3171$1,000
August 23, 201711$13,64098$11,8403$1,800

M&A/FUNDINGS

Syzygy raises $76M led by Carbon Direct Capital

Deal Description: Syzygy Plasmonics, a Rice University startup that uses light instead of heat to electrify chemical manufacturing, announced Nov. 16 it raised $76 million in Series C funding. New York City-based Carbon Direct Capital led, and was joined by Aramco Ventures, Chevron Technology Ventures, Lotte Chemical, Toyota Ventures and insiders Evok Innovations, The Engine, Equinor Ventures, Goose Capital, Horizons Ventures, Pan American Energy and Sumitomo. Carbon Direct Capital will join the Syzygy board and serve as the Series C director. Some Series C participants entered into commercial agreements with Syzygy to support their decarbonization goals. The capital raised will fund further development and delivery of all-electric reactor systems that eliminate fossil-based combustion from chemical manufacturing and reduce the carbon intensity of hydrogen, methanol and fuel. Syzygy previously raised $35 million and secured Department of Energy ARPA-E and National Science Foundation SBIR Program grants.

Syzygy’s Outside Counsel: Latham & Watkins with a corporate deal team led by Boston partner Spencer Ricks with associates Erik Thompson and William Wright.

SCF Partners invests in Westbrook Energy

Deal Description: Houston-based private equity firm SCFPartners announced Nov. 16 its investment in Westbrook Energy Group, a Houston manufacturer of pressure control connection products for the downstream, natural gas distribution, LNG, upstream and general industrial markets. Terms weren’t disclosed. Founded in 1966, Westbrook offers a range of fittings and flanges that serve as critical components in nearly every flow control application.

SCF Partners’ Outside Counsel: Vinson & Elkins led by partner Matt Strock and senior associate Mike Marek with assistance from associates Chandler Spinks, Drew Clements and Kylie Kopp. Other team members included partner Lina Dimachkieh and associate Adam Bateman (tax); partner Sarah Mitchell and associate Victoria Bahrami (insurance); counsel Zach Rider and associates Jake Torres and Tania Pinon Venegas (finance); partner Shane Tucker, counsel Heather Johnson and associate Matt Green (executive compensation/benefits); partner Sean Becker and counsel Alex Bluebond (employment/labor); counsel Rajesh Patel (technology transactions/IP); partner Matt Dobbins and associate Kelly Rondinelli (environmental); senior associate Brian Howard and associate Pete Thomas (anti-corruption); counsel Elizabeth Krabill McIntyre (export controls/sanctions); and counsel Scot Dixon (real estate).

Westbrook’s Outside Counsel: Morgan Lewis including partners John Kober in Dallas and Tim Rupp in Costa Mesa, California, and associates Danby Kim in New York and Dallas and Kelsey Warren in Houston

Sempra inks partnership with ConocoPhillips for Port Arthur LNG

Deal Description: San Diego-based Sempra announced Nov. 22 that its subsidiary Sempra Infrastructure and ConocoPhillips executed a 20-year sale and purchase agreement for 5 million tonnes per year of liquefied natural gas from Phase 1 of the proposed Port Arthur LNG project under development in Jefferson County, Texas. The parties also entered into an equity sale and purchase agreement in which ConocoPhillips will acquire 30 percent of the ownership interests in Phase 1 of Port Arthur LNG. The parties also signed a natural gas supply management agreement in which ConocoPhillips will manage the feed-gas supply for Phase 1 of the proposed liquefaction facility. The Port Arthur LNG Phase 1 project is permitted and expected to include two natural gas liquefaction trains and LNG storage tanks. A similarly sized Port Arthur LNG Phase 2 project is under active marketing and development.

ConocoPhillips’ Outside Counsel: Latham & Watkins led by Houston partners Ravi Purohit, Chris Peponis and Justin Stolte with Houston associates Greg Sorensen, Jack Moxon, Shawn Beloin, Chantal Carriere, John Daywalt, Carlyle Reid, Morgen Seim and Joseph Kmetz

Sempra’s Outside Counsel: Baker Botts including, from Texas, from LNG project development and joint ventures: Jason Bennett (partner, Houston), Natasha Khan (partner, Houston), Julie Mayo (partner, Houston), Scott Looper (partner, Houston), Grant Everett (partner, Dallas), Natasha Gandhi (senior associate, Dallas), Kyle Doherty (senior associate, Houston), Taylor Lopez (associate, Houston), Ahmed Alrikhaimi (associate, Houston), Arsalan Eftekhar (associate, Houston); on tax: Michael Bresson (partner, Houston), Jon Lobb (partner, Houston); on intellectual property: Michael Hawes (partner, Houston); and on environmental: Derek McDonald (partner, Austin)

CAPITAL MARKETS/FINANCINGS

Formula 1 refinances of first lien term loan B, revolver

Deal Description: Liberty Media Corp. announced Nov. 23 the closing of the refinancing of the first lien Term Loan B and first lien revolving credit facility of certain subsidiaries of Delta Topco Ltd., the Liberty Media subsidiary which holds all of its interests in Formula 1. Delta Topco and its subsidiaries replaced the previous $500 million first lien revolving credit facility with a new $500 million revolving credit facility with an extended maturity and replaced the previous $2.9 billion first lien Term Loan B with a new first lien Term Loan A of $725 million and a refinanced Term Loan B of $1.7 billion. The transaction resulted in a debt reduction which Formula 1 made using cash on hand.  

Formula 1’s Outside Counsel: Baker Botts including, from Texas, on finance: Spencer Crawford (associate, Dallas); and on tax: Josh Mandell (partner, Dallas)

Orion Office REIT raises $100M in offering

Deal Description: Orion Office REIT raised $100 million in a public, at-the-market offering of its common stock. The offering closed Nov. 15. The ATM includes an equity forward component. ONL specializes in the ownership, acquisition and management of mission-critical and corporate headquarters office buildings in suburban markets across the U.S.

Banks: Mizuho Securities USA Inc., Wells Fargo Securities, TD Securities (USA) and J.P. Morgan Securities Inc.

Issuer’s Outside Counsel: Hunton Andrews Kurth led by counsel Samuel Kardon in New York but including partner James Davidson in Houston

Banks’ Outside Counsel: Morrison & Foerster

Bracewell represents underwriters in $57.5M IPO of SPAC Plutonian

Deal Description: Bracewell said Nov. 22 it represented the underwriters in the initial public offering of 5.75 million units of Plutonian Acquisition Corp., including the full exercise of the underwriters’ over-allotment option of 750,000 units. The units trade on Nasdaq under the ticker symbol “PLTNU.” Each unit consists of one share of common stock, one redeemable warrant entitling its holder to purchase one share of common stock at a price of $11.50 per share and one right to receive one-sixth of a share of common stock upon the consummation of an initial business combination. The units were sold for $10 per unit, generating gross proceeds of $57.5 million. Once the securities begin separate trading, the shares of common stock, warrants and rights are expected to be listed on Nasdaq under the symbols “PLTN,” “PLTNW” and “PLTNR.” Plutonian is a special purpose acquisition entity, or blank check company, formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.

Book Running Manager: EF Hutton, division of Benchmark Investments

Underwriter: Joseph Gunnar & Co.

From Bracewell, from Texas: Partners Troy L. Harder (Houston), senior counsel Daniel W. Areshenko (Houston) and associates Alexandra C. Crai and Michael J. Muszik (Houston)

DZS completes $33.2M stock offering

Deal Description: On Nov. 21, DZS Inc., a Texas-based provider of telecommunications networking gear, completed an underwritten registered public offering in which DZS and DASAN Networks Inc. sold 3.88 million shares of DZS common stock at a price to the public of $11.50 per share. DZS issued and sold 2.88 million shares and the selling stockholders sold 1 million shares. DZS intends to use the net proceeds for general corporate purposes, which may include research and development, sales and marketing initiatives and the funding of working capital.  DZS won’t receive any of the proceeds from the sale of the shares of common stock by the selling stockholders.

Book-Running Managers: Cowen and Stifel

DZS’ Outside Counsel: Baker Botts including Dallas corporate partner Preston Bernhisel and associates Jenna Kabrich (Austin), Rusty Shellhorn (Dallas) and Morgan Copher (Dallas) and Dallas tax partner Steve Marcus

DZS’ In-House Counsel: Chief Legal Officer Justin Ferguson

Underwriters‘ Counsel: Goodwin Procter

BKV announces IPO

Description: Denver-based BKV Corp. announced Nov. 18 that it filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The number of shares to be offered and the price range for the offering haven’t been determined, but it used $100 million as a placeholder. The company is backed by Banpu Pcl and seeks to invest in upstream oil and gas opportunities in North America with the goal of creating long‐term sustainable value in the energy industry. It is the largest natural gas producer in the Barnett shale and also has assets in the Marcellus.

Book-Running Managers: Credit Suisse, BofA Securities, Barclays, Citigroup, Evercore ISI and Jefferies; TPH&Co., the energy business of Perella Weinberg Partners, Susquehanna Financial Group and SMBC Nikko

BKV’s Outside Counsel: Baker Botts including corporate/finance partners Samantha Crispin, Preston Bernhisel and Adorys Velazquez, special counsel Lakshmi Ramanathan and associates Derek Gabriel, Rusty Shellhorn, William Cozzens and Chelsea Johnson and tax/employee benefits/executive compensation partners Robin Melman and Steve Marcus and associate Katie Birnhak

Claire Poole

Claire Poole is a senior writer at The Texas Lawbook, where she covers corporate transactions.

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