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Hudson Executive Investment Corp. II (HCII) and III (HIII) to Liquidate
by Nicholas Alan Clayton on 2022-11-29 at 8:55am

Hudson Executive II (NASDAQ:HCII) and Hudson Executive III (NASDAQ:HIII) announced this morning that both will liquidate as neither will consummate a business combination by their original deadline.

Both will return $10.10 per share to public investors as the anticipated redemption rate with the distribution expected to occur on December 21.

Hudson Executive II raised $250 million in its January 2021 IPO, while Hudson Executive III raised $600 million a month later in February of that year.

Around that same time, the Hudson Executive team announced its first combination with text-based therapy provider Talkspace (NASDAQ:TALK). Talkspace fell swiftly after the parties completed the deal in June 2021, and its stock has never quite recovered, closing the year at $1.97 and trading at $0.79 Monday.

But, that doesn’t mean the team is done. Hudson Executive II and III hit the markets with team-friendly terms including a 24-month search window and no overfunding of the trust, but the team’s fourth vehicle, Hudson Executive I (NASDAQ:HUDAU) bears some of the features of SPACs listed in 2022.

It IPO’d (out of sequential order) on October 2022 with nine months on its clock and a $60.9 million trust overfunded at 101.5%. This SPAC has until next July to complete a deal and can auto-extend its deadline up to six months.

As such, the Hudson Executive team is still out hunting in the Searching column, albeit likely with somewhat smaller game in its sights.

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