Home Plate Acquisition said it cancelled today’s shareholder meeting for an extension vote and will liquidate, instead.
The company said it was informed by merger parter Heidmar that Heidmar intends to terminate the business combination agreement.
The SPAC’s termination deadline is tomorrow.
The per-share redemption price is expected to be approximately $10.52.
Athens, Greece-based Heidmar is a commercial and pool management business servicing the crude oil and refined petroleum product tanker market. Announced in March at an implied equity value of $261.4 million, terms originally called for a minimum cash raise of $55 million, in a combination of an expected PIPE and trust cash, as well as existing cash on Heidmar’s balance sheet.
The SPAC raised $200 million in an October 2021 IPO with plans at that time to acquire and manage a business in the FinTech and Embedded Finance sectors, including payments, digital assets, consumer finance, and other related areas.
Redemptions ahead of an extension vote six months ago carved the Home Plate trust down to about $23 million. Read more.
