HL Acquisitions Corp. (NASDAQ:HCCH) announced that it has secured shareholder approval of its combination with Fusion Fuel Green with impressively zero shares redeemed in connection with the vote.
HL shareholders voted on the transaction at a special meeting December 4 and also elected seven directors to Fusion Fuel’s Board as well as the sale of 2,450,000 Fusion Fuel shares for $10.25 per share in a $25.1 million private placement.
The parties expect the transaction to close in the coming days, at which time each unseparated HL unit will automatically separate into one share, one warrant and one right. Each of these rights will automatically be exchanged for a 1/10th share. Once converted at close to shares and warrants of the new combined entity, they will will trade on the Nasdaq under the symbols “HTOO” and “HTOOW,” respectively.
The SPAC faced a low risk of redemptions as it opened ahead of the vote at $19.50 as compared to its estimated redemption rate of $10.58, and it has since surged in post-vote trading to over $20.87.
HL Acquisitions initially announced its combination agreement with Fusion Fuel June 8 and this result marks a happy ending for a SPAC that treaded through some difficulty over the past year. In March, HL Acquisitions was forced to walk away from an earlier deal with liquid-natural gas company Chi Energie as it came just before the pandemic bottomed out fossil fuel energy markets.
Fusion Fuel is a hydrogen power company currently building Portugal’s first utility-scale hydrogen power generation project.
Terms Tracker for the Week Ending June 2, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As is typical of slow holiday weeks, this past week for SPACs was no exception. To wit, there were zero new S-1s filed, zero amendments...
Trajectory Alpha Acquisition Corp. (NYSE:TCOA) announced this afternoon that it has entered into a purchase and contribution agreement with its sponsor and J. Streicher Holdings, LLC. As a result, the SPAC will undergo a change in management. As part of the agreement, J. Streicher will pay $250,000 to Trajectory Alpha and $1.00 to the sponsor. In return,...
Latest SPAC Liquidations: Sound Point I, Bullpen Parlay, and Zimmer Energy Transition Sound Point Acquisition Corp I (SPCM) to Liquidate on June 4 Sound Point Acquisition Corp I, Ltd (NASDAQ: SPCM) announced today that it intends to liquidate and dissolve, effective as of June 4, 2023, and will redeem all of the outstanding Class A...
Latest Non-Redemption Agreements: GSR II Meteora Acquisition Corp. GSR II Meteora Acquisition Corporation (GSRM) Adds Non-Redemption Agreement On May 31, 2023, GSR II Meteora Acquisition Corp., (NASDAQ:GSRM), entered into certain non-redemption agreements with certain third parties in connection with the special meeting of stockholders. Pursuant to such Non-Redemption Agreements, each Non-Redeeming Stockholder agreed that it will...
Athena Technology Acquisition Corp. II (NYSE:ATEK) announced this afternoon that it is postponing its extension vote scheduled for June 12 until June 13. Shareholders at the special meeting are to vote on a proposal to allow Athena Technology II to extend its transaction deadline on a monthly basis up to nine times from June 14,...