USHG Acquisition Corp. Announces Closing of $287.5 Million Initial Public Offering

Rhea-AI Summary

USHG Acquisition Corp. announced the successful closing of its initial public offering (IPO) on March 1, 2021, raising $287.5 million. The offering involved 28,750,000 units, priced at $10.00 per unit, with trading commencing on the NYSE under the ticker symbol HUGSU on February 25, 2021. Each unit comprises one share of Class A common stock and one-third of a warrant, allowing stock purchase at $11.50 per share. The shares and warrants will separately trade under HUGS and HUGSW, respectively.

Positive

• Successful IPO raised $287.5 million.
• Public trading began on NYSE, enhancing market visibility.

Negative

• None.

NEW YORK, March 1, 2021 /PRNewswire/ -- USHG Acquisition Corp. (the "Company") announced today the closing of its initial public offering of 28,750,000 units, which included the full exercise of the underwriters' over-allotment option, at a price of $10.00 per unit, resulting in gross proceeds of $287,500,000. The units began trading on the New York Stock Exchange ("NYSE") under the ticker symbol "HUGSU" on February 25, 2021. Each unit issued in the offering consists of one share of the Company's Class A common stock and one-third of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one share of Class A common stock at an exercise price of $11.50 per share. After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on NYSE under the symbols "HUGS" and "HUGSW,"  respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Goldman Sachs & Co. LLC and Piper Sandler & Co. served as joint book-running managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282-2198, Telephone: 1-866-471-2526, Email: prospectus-ny@ny.email.gs.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by e-mail at prospectus@psc.com, or by phone at (800) 747-3924.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission (the "SEC") and became effective on February 24, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT USHG ACQUISITION CORP.

USHG Acquisition Corp. is a blank check company sponsored by an affiliate of Union Square Hospitality Group, LLC and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. USHG Acquisition Corp. intends to focus its search for business combination targets on culture-driven businesses across a range of industries, including, but not limited to, technology, e-Commerce, food and beverage, health and retail and consumer goods, although it may pursue an acquisition in any business industry or sector.

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 registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, 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.

Investor Contact:

Jetty-Jane Connor
Email: jconnor@ushg.com

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SOURCE USHG Acquisition Corp.

FAQ

What was the total amount raised by USHG Acquisition Corp. in its IPO?

USHG Acquisition Corp. raised $287.5 million in its IPO.

When did USHG Acquisition Corp. start trading on the NYSE?

USHG Acquisition Corp. began trading on the NYSE on February 25, 2021.

What is the ticker symbol for USHG Acquisition Corp.?

The ticker symbol for USHG Acquisition Corp. is HUGSU.

What is included in each unit from the IPO of USHG Acquisition Corp.?

Each unit consists of one share of Class A common stock and one-third of a warrant.

What is the exercise price for the warrants issued by USHG Acquisition Corp.?

The exercise price for the warrants is $11.50 per share.