H.I.G. Acquisition Corp. (NYSE: HIGA) announced this afternoon that its board of directors has decided to redeem all of its outstanding shares.
The SPAC, which had a transaction deadline of October 23, was unable to complete a business combination and will now liquidate its trust, effective as of October 24. H.I.G. anticipates that the last day of trading in the company’s Class A shares will be October 21.
Management did not provide details as to why they are liquidating, but ongoing volatility within the market continues to create a challenging environment for SPACs. H.I.G. marks the 39th SPAC to announce a liquidation this year, 31 of which have already completed their liquidations to-date.
The SPAC originally announced the pricing of its $325 million IPO in October 2020 and intended to combine with a target that has a defensible core business with unrealized strategic upside that could generate compelling risk-adjusted returns. H.I.G. was led by CEO and Director Brian Schwartz, President and Director Rob Wolfson, CFO Timur Akazhanov, and VP and General Counsel Richard Siegel.
At the SPAC of Dawn While AST Spacemobile (NASDAQ:ASTS) had the SPAC market’s biggest leap yesterday, among de-SPACs that are trading above $10, it was oil and gas firm Sable Offshore (NYSE:SOC) that had the best outing. It finished up +14% and is gaining a further +2% in the pre-market to $14.30 this morning. This...
RF Acquisition Corp. II (NASDAQ:RFAIU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “RFAIU”, Friday, May 17, 2024. The new SPAC intends to focus its target search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing,...
AST SpaceMobile (NASDAQ:ASTS) has been on +68% a tear off of its double-barreled announcement after hours yesterday that it signed a six-year commercial partnership with telecom AT&T (NYSE:T) and had beaten analyst expectations with its first quarter earnings. It has, in fact, been the best performer on the US markets throughout the afternoon outside of...
At the SPAC of Dawn Chinese auto conglomerate Geely (HK:0175) has occupied a not insignificant portion of recent SPAC dealflow as it has turned to the vehicles to spin off a series of subsidiaries. But, this week, it veered back to the traditional IPO path. The early returns on its move to bring EV brand...
Global Technology I (NASDAQ:GTAC) has entered into a definitive agreement to combine with art marketplace Tyfon at an enterprise value of $434 million, or 12.7x its $34 million 2023 EBITDA. Suzhou, China-based Tyfon operates as a dealer of Chinese contemporary art, selling pieces online and through traditional exhibition methods. The combined company is expected to...