Health Assurance Acquisition in a press release announced that it will wind up, with redemptions set to begin Nov. 18. The SPAc’s shares will cease trading on the Nasdaq as of Nov. 3.
Based in Cambridge, MA, the SPAC had 24 months from its October 2020 IPO to complete a deal, which it will be unable to do by deadline.
The per-share redemption price will be approximately $10.05. The balance of the trust as of Sept. 30 was about $527.9 million, which includes $2.9 million in interest and dividend income. The SPAC expects to retain $100,000 of the interest and dividend income from the trust to pay dissolution expenses.
Former Livongo Chairman Glen Tullman and former President Jennifer Schneider, M.D., backed the SPAC, which was sponsored by General Catalyst and also backed by Thomas Jefferson University and Jefferson Health CEO Stephen Klasko, M.D., DuPage Medical Group Board Director Anita Pramoda and General Catalyst executives Hemant Taneja and Quentin Clark.
Health Assurance Acquisition was focused on companies engaged in healthcare technology. Read more.
