CAMBRIDGE, Mass., Oct. 27, 2022 (GLOBE NEWSWIRE) — Health Assurance Acquisition Corp. (the “Company”) (Nasdaq: HAAC), a particular objective acquisition firm, at the moment introduced that as of the shut of business on November 3, 2022, the Company’s publicly held Class A unusual shares, par worth $0.0001 (the “Public Shares”), will be deemed cancelled and will signify solely the correct to obtain their pro-rata share within the Company’s belief account (“Trust Account”), as a result of the Company will not consummate an preliminary business mixture inside the time interval required by its Second Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”).
As said within the Company’s Certificate of Incorporation and within the Company’s registration assertion on Form S-1 (Registration No. 333-249667), initially filed with the United States Securities and Exchange Commission (the “Commission”) on October 26, 2020, referring to the Company’s preliminary public providing, if the Company is unable to finish an preliminary business mixture inside 24 months of the preliminary public providing, the Company will: (i) stop all operations aside from the aim of winding up, (ii) as promptly as moderately potential however no more than ten business days thereafter, redeem the Public Shares, at a per-share worth, payable in money, equal to the combination quantity then on deposit within the Trust Account, together with curiosity earned on the funds held within the Trust Account and never beforehand launched to the Company to pay its revenue taxes, if any (much less as much as $100,000 of curiosity to pay dissolution bills), divided by the variety of the then-outstanding Public Shares, which redemption will fully extinguish public shareholders’ rights as shareholders (together with the correct to obtain additional liquidation distributions, if any); and (iii) as promptly as moderately potential following such redemption, topic to the approval of the Company’s remaining shareholders and the Company’s board of administrators, liquidate and dissolve, topic in every case to the Company’s obligations beneath Delaware General Corporation Law to supply for claims of collectors and the necessities of different relevant legislation.
The per-share redemption worth for the Public Shares will be roughly $10.05 (the “Redemption Amount”). The stability of the Trust Account as of September 30, 2022 was $527,908,312, which incorporates $2,908,312 in curiosity and dividend revenue (extra of money over $525,000,000, the funds deposited into the Trust Account). In accordance with the phrases of the associated belief settlement, the Company expects to retain $100,000 of the curiosity and dividend revenue from the Trust Account to pay dissolution bills.
As of the shut of business on November 3, 2022, the Public Shares will be deemed cancelled and will signify solely the correct to obtain the Redemption Amount on or round November 18, 2022. The Company anticipates that the Public Shares will stop buying and selling on The Nasdaq Capital Market (“Nasdaq”) as of the shut of business on November 3, 2022.
The Redemption Amount will be payable to the holders of the Public Shares upon supply of their shares to the Company’s switch agent, Continental Stock Transfer & Trust Company. Beneficial house owners of Public Shares held in “street name,” nonetheless, will not have to take any motion to be able to obtain the Redemption Amount.
The Company’s sponsor has agreed to waive its redemption rights with respect to its excellent Class B frequent inventory issued previous to the Company’s preliminary public providing. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire nugatory. After November 3, 2022, the Company shall stop all operations aside from these required to wind up the Company’s business.
The Company expects that Nasdaq will file a Form 25 with the Commission to be able to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of the Company’s securities beneath the Securities Exchange Act of 1934, as amended.
Forward-Looking Statements
This press launch contains “forward-looking statements” inside the which means of the protected harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of those forward-looking statements might be recognized by means of phrases corresponding to “believes,” “expects,” “intends,” “plans,” “estimates,” “assumes,” “may,” “should,” “will,” “seeks,” or different comparable expressions. Such statements could embody, however usually are not restricted to, statements relating to the Company’s intention to redeem all of its excellent Public Shares, the Company’s money place or money held within the Trust Account, the Redemption Amount or the timing when the Company’s Public Shares will stop buying and selling on Nasdaq. These statements are primarily based on present expectations on the date of this press launch and contain plenty of dangers and uncertainties which will trigger precise outcomes to vary considerably. The Company doesn’t assume any obligation to replace or revise any such forward-looking statements, whether or not as the results of new developments or in any other case. Readers are cautioned to not put undue reliance on forward-looking statements.
Contact
Sue Kwon
General Catalyst
[email protected]
