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.
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy Saudi Arabia Explores Setting Up Framework for SPAC Listings Saudi Arabia’s market regulator is looking into setting up a...