Health Assurance Acquisition Corp. (NASDAQ: HAAC) announced in a press release this afternoon that due to its inability to complete a business combination, it will dissolve and liquidate its trust.
The SPAC originally had a completion deadline of November 17, but now expects its shares to stop trading on the Nasdaq as of the close of business on November 3. HAAC’s Class A ordinary shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.05 on or around November 18. The balance of the trust as of September 30, was $527,908,312, which includes $2,908,312 in interest and dividend income, excess of cash over $525 million the funds deposited into the account.
In accordance with the terms of the trust agreement, HAAC expects to retain $100,000 of the interest and dividend income from the trust to pay dissolution expenses.
The SPAC announced the pricing of its $500 million IPO in November of 2020 and intended to combine with a tech-enabled healthcare target. HAAC now marks the 44th SPAC to announce a liquidation this year.
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