HL Acquisitions Corp. (HCCH), which is currently working towards closing their combination with Chi Energie (Singapore) PTE Ltd., held their shareholder vote today to extend their completion deadline four months from March 2, 2020 to July 2, 2020. The extension was approved, but more importantly, HCCH had a minimal number of shareholder redeem.
Per today’s 8-K, only 126,000 ordinary shares exercised their right to redeem at a price of approximately $10.42 per share, for an aggregate conversion amount of approximately $1.3 million. This is HCCH’s second extension, so keep in mind that they previously had 275,984 shares redeem, so this is an improvement. Current share count (post-extension vote) is now 5,098,016, with an estimated trust value of roughly $53.1 million.
Following the meeting, the Company deposited $0.03 for each public share that was not converted in connection with the Extension, or an aggregate of approximately $152,940, into the Trust Account for the first 30-day extension period.
You can review the vote results HERE.