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.