SPACInsider Logo
H.I.G. Acquisition Corp. (HIGA) to Liquidate Trust
by Marlena Haddad on 2022-10-14 at 5:31pm

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.

 

 

Recent Posts
by Nicholas Alan Clayton on 2022-12-09 at 11:56am

Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...

by Marlena Haddad on 2022-12-09 at 11:44am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...

by Marlena Haddad on 2022-12-09 at 11:09am

Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...

by Marlena Haddad on 2022-12-09 at 9:48am

InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...

by Marlena Haddad on 2022-12-09 at 9:35am

10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved