HHG Capital Corporation Announces Additional Contribution to Trust Account to Extend Period to Consummate Business Combination

Rhea-AI Summary

HHG Capital announced an additional contribution to its trust account on May 22, 2024, allowing more time to finalize a business combination. An extension from May 23, 2024, to June 23, 2024, was secured by depositing $0.0333 per outstanding ordinary share issued in the initial public offering. This move aims to provide the necessary time to complete a business combination for the company.

Positive

• Extended time for business combination could indicate ongoing negotiations.
• Additional deposits show the company's commitment to finalizing a deal.

Negative

• Frequent extensions may signal challenges in completing the business combination.
• Shareholder value might be impacted by dilution due to continued contributions to the trust account.

SINGAPORE / ACCESSWIRE / May 22, 2024 / HHG Capital Corporation (the "Company") announced today that the Company made a deposit on May 22, 2024 to the trust account and extended the amount of time it has available to complete a business combination from May 23, 2024 to June 23, 2024, by depositing $0.0333 for each issued and outstanding company ordinary share issued in the Company's initial public offering that has not been redeemed held by shareholders who have not waived rights to receive any portion of any extension payment deposited by the Company in connection with its extension starting from September 23, 2022. The purpose of the extension is to provide time for the Company to complete a business combination.

About HHG Capital Corporation

The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it intends to focus its search on industries that complement its management team's background. The Company is led by Chee Shiong (Keith) Kok, the Company's Chief Executive Officer, and Shuk Man (Lora) Chan, the Company's Chief Financial Officer.

Forward Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward looking statements are statements that are not historical facts. Such forward-looking statements, including the Company's search for an initial business combination, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Contact:

HHG Capital Corporation
Chee Shiong (Keith) Kok
Chief Executive Officer
1 Commonwealth Lane
#03-20, Singapore, 149544
Email: hhgcapitalcorp@gmail.com

SOURCE: HHG Capital Corporation Units

View the original press release on accesswire.com

FAQ

What did HHG Capital announce on May 22, 2024?

HHG Capital announced an additional contribution to its trust account and an extension of the period to complete a business combination from May 23, 2024, to June 23, 2024.

How much did HHG Capital deposit per outstanding share?

HHG Capital deposited $0.0333 for each outstanding ordinary share.

What is the purpose of the extension by HHG Capital ?

The extension aims to provide additional time to complete a business combination.

What is the new deadline for HHG Capital to complete its business combination?

The new deadline is June 23, 2024.