FTAC Hera Acquisition Corp. Announces it Will Redeem its Public Shares

Rhea-AI Summary

FTAC Hera Acquisition Corp. (NASDAQ:HERA) announced plans to dissolve and liquidate as it will not complete a business combination by the deadline set in its Charter. Effective March 8, 2023, the Company will redeem all Class A ordinary shares at approximately $10.17 per share. Following this date, Public Shares will be canceled and will entitle holders solely to the redemption amount. The trust account will be liquidated, and proceeds distributed to shareholders, minus expenses. Additionally, the Company expects to delist its securities from Nasdaq and terminate the registration under the Securities Exchange Act.

Positive

• None.

Negative

• Dissolution and liquidation indicate the failure to complete a business combination, potentially reflecting poor market conditions or management decisions.
• Public Shares will terminate, leading to a loss of investment for shareholders.
• Warrants will expire worthless, resulting in further losses for those holding them.

PHILADELPHIA, PA, Feb. 17, 2023 (GLOBE NEWSWIRE) -- FTAC Hera Acquisition Corp. (NASDAQ:HERA) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced that, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Memorandum and Articles of Association (the “Charter”), the Company intends to dissolve and liquidate in accordance with the provisions of the Charter, effective as of the close of business on March 8, 2023, and will redeem all of the outstanding Class A ordinary shares that were included in the units issued in its initial public offering (the “Public Shares”), at a per-share redemption price of approximately $10.17.

As of the close of business on March 8, 2023, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount.

In order to provide for the disbursement of funds from the trust account, the Company will instruct the trustee of the trust account to take all necessary actions to liquidate the securities held in the trust account. The proceeds of the trust account will be held in a non-interest bearing account while awaiting disbursement to the holders of the Public Shares. Record holders will receive their pro rata portion of the proceeds of the trust account, less $100,000 of interest to pay dissolution expenses and net of taxes payable, by delivering their Public Shares to Continental Stock Transfer & Trust Company, the Company’s transfer agent. Beneficial owners of Public Shares held in “street name,” however, will not need to take any action in order to receive the redemption amount. The redemption of the Public Shares is expected to be completed within ten business days after March 8, 2023.

The Company’s sponsors have agreed to waive their redemption rights with respect to their ordinary shares. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless.

The Company expects that the Nasdaq Stock Market LLC will file a Form 25 with the United States Securities and Exchange Commission (the “Commission”) to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company anticipates that the Public Shares, as well as the Company’s publicly traded units and warrants, will cease trading as of the close of business on March 7, 2023.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s annual report on Form 10-K filed with the SEC and subsequent reports filed with the SEC, as amended from time to time. Copies of these documents are available on the SEC’s website, at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact Information:

Mehar Jagota
mehar@cohencircle.com
(484)-995-3030

FAQ

What is FTAC Hera Acquisition Corp.'s plan for dissolution?

The Company plans to dissolve and liquidate effective March 8, 2023, due to the inability to complete a business combination.

What will happen to the Class A ordinary shares of HERA?

Class A ordinary shares will be redeemed at approximately $10.17 per share, ceasing to exist after March 8, 2023.

How will the liquidation process affect HERA shareholders?

Shareholders will receive their pro rata portion from the trust account after liquidation, excluding certain expenses.

What are the implications of HERA's expected delisting?

The Company anticipates filing a Form 25 to delist from Nasdaq, which could impact liquidity and market perception.

When will the redemption of public shares be completed?

The redemption is expected to be completed within ten business days after March 8, 2023.