H.I.G. Acquisition Corp. Announces Redemption Price Per Class A Ordinary Share

Rhea-AI Summary

H.I.G. Acquisition Corp. (NYSE:HIGA) announced on October 14, 2022, its board's decision to redeem all outstanding Class A ordinary shares, effective October 24, 2022. The redemption price is set at approximately $10.04 per share after taxes and expenses. The last trading day for Class A Shares is October 21, 2022, after which they will be suspended and cancelled. Holders must present their shares to receive the Redemption Amount, while beneficial owners in street name will receive the amount automatically. The company will also file for delisting with the SEC.

Positive

• Redemption price set at approximately $10.04 per share, beneficial for shareholders.

Negative

• Delisting from the New York Stock Exchange.
• All Class A Shares will be deemed cancelled post-redemption.

MIAMI--(BUSINESS WIRE)-- 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.

Forward Looking-Statements

This press release may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements, including, without limitation, the redemption of the Company’s public shares. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. 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 latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221021005103/en/

Timur Akazhanov

H.I.G. Acquisition Corp., Chief Financial Officer

info@higacquisitioncorp.com

Source: H.I.G. Acquisition Corp.

FAQ

What is the redemption price for H.I.G. Acquisition Corp's Class A shares?

The redemption price is approximately $10.04 per share.

When will H.I.G. Acquisition Corp's Class A shares stop trading?

The last day of trading will be October 21, 2022.

What happens to Class A shares after October 24, 2022?

They will be suspended from trading, deemed cancelled, and will only represent the right to receive the Redemption Amount.

Will H.I.G. Acquisition Corp's warrants be affected by the redemption?

No, there will be no redemption rights or liquidating distributions for the Company's warrants.

What is the future of H.I.G. Acquisition Corp following the redemption?

The company expects to file for delisting with the SEC, signaling a significant change in its operational status.