HPX in an 8-K announced that shareholders voted in favor of merging with Emergência Participações S.A., a Brazil-based environmental and industrial service provider with a global presence, which will now be known as Ambipar Emergency Response.
The company is expected to list on the NYSE under the ticker symbol AMBI.
At deal announcement last July, the business combination values Ambipar Response at an implied $581 million enterprise value and a pro forma equity value of approximately $798 million, which assumed no HPX redemptions. The SPAC’s sponsor had agreed to a three-year lockup on its founder shares.
However, the SPAC in the 8-K said 1,258,439 shares were redeemed. HPX in addition to its remaining cash in trust has backstop and PIPE agreements totaling $168 million.
The deal is expdected to close Friday. Ambipar would then begin trading March 6 on the NYSE American under the new ticker symbols AMBI and AMBIWS.
HPX raised $253 million in a July 2020 IPO. Read more.
