HL Acquisitions Corp. Also Pricing IPO Tonight
We Have Another SPAC Double Header Tonight
HL Acquisitions Corp., just filed their CERT, so we have two SPACs now pricing for Thursday trading (the other being New Frontier).
HL Acquisitions is a $42.5 million SPAC focused on the “hydrocarbon logistics and processing sector” and is headed by is headed by CEO, Jeffrey Schwarz, the co-founder of Metropolitan Capital Advisors, Inc., a New York-based money management firm founded in 1992.
As a reminder, below is a summary of terms:
Deal Terms:
- Focus: Hydrocarbon logistics and processing industry
- 100% held in trust ($10.00 per share)
- $10.00 unit comprised of: one ordinary share, one right and one redeemable warrant
- Warrant redemption threshold: equals or exceeds $18.00 (cash or cashless exercise)
- 18 months to complete an acquisition
- Sponsor purchase of private placement warrants at $1.00 per warrant
- Underwriter: EarlyBirdCapital