H.I.G. Acquisition Corp. Announces Redemption Price Per Class A Ordinary Share
On October 14, 2022, H.I.G. Acquisition Corp. (NYSE:HIGA) announced that its board of directors (the "Board") had determined to redeem all of its outstanding Class A ordinary shares (the "Class A Shares"), effective as of October 24, 2022.
Net of taxes and dissolution expenses, the per-share redemption price for the public shares is expected to be approximately $10.04 (the "Redemption Amount").
As previously announced, the Company anticipates that the last day of trading in the Company's Class A Shares will be October 21, 2022 and that, as of the open of business on October 24, 2022, the Class A Shares will be suspended from trading, will be deemed cancelled and will represent only the right to receive the Redemption Amount.
The Redemption Amount will be payable to the holders of the Class A Shares upon presentation of their respective share or unit certificates or other delivery of their shares or units to the Company's transfer agent, Continental Stock Transfer & Trust Company. Beneficial owners of Class A Shares held in "street name," however, will not need to take any action in order to receive the Redemption Amount.
There will be no redemption rights or liquidating distributions with respect to the Company's warrants. The Company's initial shareholders have waived their redemption rights with respect to the outstanding Class B ordinary shares issued prior to the Company's initial public offering.
The Company expects that The New York Stock Exchange will file a Form 25 with the U.S. Securities and Exchange Commission to delist its securities.
About H.I.G. Acquisition Corp.
H.I.G. Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company is sponsored by H.I.G. Acquisition Advisors, LLC, an affiliate of H.I.G. Capital, LLC ("H.I.G."). H.I.G. Acquisition Corp. is led by its Chief Executive Officer Brian Schwartz, Co-President of H.I.G., and its President Rob Wolfson, an Executive Managing Director of H.I.G.