HL Acquisitions Corp. (HCCH), which previously announced their intended combination with Fusion Welcome-Fuel, held their shareholder vote today to extend their completion deadline three months to October 2, 2020. The extension was approved, but more importantly, HCCH had a very light number of shareholders redeem, thanks to a share price trading around $12.22, which is well above the estimated cash in trust value of $10.56.
Per today’s 8-K, only 500 ordinary shares exercised their right to redeem at a price of approximately $10.56 per share, for an aggregate conversion amount of just $5,280. This is HCCH’s third extension, but presumably it is its last since it appears the Fusion Welcome-Fuel deal has been well received and this should make it through the proxy process in short order. Current share count (post-extension vote) is now 5,097,516, with an estimated trust value of roughly $53.83 million.
As a reminder, HL Acquisitions will not be making a contribution to trust for extending.
You can review the vote results HERE.
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