Hunt Companies Acquisition Corp. I (NYSE:HTAQ) announced this afternoon that due to its inability to complete a business combination, it intends to dissolve and liquidate its trust.
The last day that HTAQ’s securities will trade on the NYSE will be October 31. As of November 1, the public shares will be deemed cancelled and will represent only the right to receive the redemption amount of $10.16.
HTAQ’s trust account holds approximately $233,770,337, which includes approximately $320,337 in interest and dividend income, excess of cash over $233,450,000, the funds deposited into the trust account. In accordance with the terms of the related trust agreement, Hunt expects to retain up to $100,000 of the interest and dividend income from the trust account to pay dissolution expenses. Accordingly, there is expected to be a total of $233,670,337 available for redemption of the 23,000,000 public shares outstanding, which results in the redemption price of $10.16 per share.
Although Hunt did not disclose why it is liquidating its trust, it is likely that the team has felt the pressure from unfavorable market conditions, making it challenging to secure a business combination given the current environment.
Hunt originally announced the pricing of its $200 million IPO in November 2021 and intended to focus its search on businesses within the renewable energy, infrastructure services, and real asset services sectors. Hunt is now the 37th SPAC to announce its intention to liquidate in 2022, 28 of which have already completed their liquidations.
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