Principal Solar (PSWW), originally created as a solar power company to build and operate utility-scale projects, has plans to acquire Dallas-based Zona Energy via a reverse triangular merger transaction.
PSWW signed a binding term sheet that outlines various closing conditions, including the rebranding of PSWW and the filing of appropriate merger articles whereby Zona becomes a wholly owned subsidiary of PSWW.
With the deal, PSWW would acquire Zona’s various oil and gas working interests in approximately 15,000 to 20,000 acres surrounding the current Zona acreage position. As a result of the merger, and post-reverse split, Zona shareholders would receive 1 share of PSWW for each share of Zona held.
Zona focuses on the independent oil and natural gas industry in the Permian Basin in West Texas. The company began operations in April 2018 with the acquisition of various oil and gas working interests in 3,915 net acres in the Delaware Basin of the Permian Basin in
