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.

 

 

H.I.G. Acquisition Corp. (HIGA) to Liquidate Trust
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