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

Rhea-AI Summary

HHG Capital (NASDAQ: HHGCU) announced it has made a deposit to its trust account on June 21, 2024. This action extends the deadline to complete a business combination from June 23, 2024, to July 23, 2024. The extension is facilitated by depositing $0.0333 for each outstanding ordinary share issued in the company's initial public offering. This applies to shares held by shareholders who have not waived their rights to receive any portion of the extension payment, initially started on September 23, 2022. The purpose of this extension is to provide additional time for the company to finalize a business combination.

Positive

• Extended the deadline to complete a business combination by one month, providing more time to finalize the deal.
• Deposited $0.0333 per outstanding share, showing commitment to completing a business combination.

Negative

• The need to extend the deadline indicates potential delays or difficulties in completing the business combination within the original timeframe.

SINGAPORE / ACCESSWIRE / June 21, 2024 / HHG Capital Corporation (NASDAQ:HHGCU) (the "Company") announced today that the Company made a deposit on June 21, 2024 to the trust account and extended the amount of time it has available to complete a business combination from June 23, 2024 to July 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 is the new deadline for HHG Capital to complete a business combination?

The new deadline for HHG Capital (NASDAQ: HHGCU) to complete a business combination is July 23, 2024.

How much did HHG Capital deposit per share for the extension?

HHG Capital deposited $0.0333 per outstanding ordinary share for the extension.

When did HHG Capital make the deposit for extending the business combination period?

HHG Capital made the deposit on June 21, 2024.

What was the original deadline for HHG Capital to complete its business combination?

The original deadline for HHG Capital to complete its business combination was June 23, 2024.

Why did HHG Capital extend the deadline to complete its business combination?

HHG Capital extended the deadline to provide additional time to finalize the business combination.