New Era Helium Corp. (NEH) entered into a non-binding letter of intent to acquire Accretion Acquisition Corp. (NasdaqGM:ENER) in a reverse merger transaction on October 5, 2023. NEH is expected to hold a majority interest in the equity, on a fully diluted basis, of the combined company at the closing of the Business Combination. Under the terms of the Letter of Intent, the current management team of NEH is expected to be the management team of the combined company following the Business Combination. The Board of Directors of the combined company will consist of those members mutually agreed upon by the parties, subject to the terms of the definitive business combination agreement. The Parties intend to transition directly to the negotiation of the definitive business combination agreement and other related agreements (the ?Definitive Documents?) to effectuate the Business Combination, with the execution of the Definitive Documents expected to occur in the fourth quarter of 2023.

The completion of the Business Combination is subject to, among other matters, the completion of due diligence, the negotiation of the Definitive Documents, satisfaction of the conditions negotiated therein and approval of the transaction by the Board of Directors and shareholders of Accretion. NEH engaged ROTH Capital Partners as financial advisor.