Home Plate Acquisition Corporation Announces Cancellation of Special Meeting of Stockholders and Liquidation
03 Oktober 2023 - 9:25PM
Home Plate Acquisition Corporation (the “Company” or “Home Plate”)
(NASDAQ: HPLT) today announced that the Company has cancelled its
special meeting of stockholders that was previously scheduled for
3:00 p.m. Eastern Time on October 3, 2023, and that, because the
Company will not consummate an initial business combination by
October 4, 2023, the time period required by the Company’s Amended
and Restated Certificate of Incorporation to consummate a business
combination, promptly as reasonably possible after October 4, 2023,
the Company intends to dissolve and liquidate in accordance with
the provisions of its Amended and Restated Certificate of
Incorporation and will redeem all of the outstanding shares of
Class A common stock that were included in the units issued in its
initial public offering (the “Public Shares”), at what the Company
estimates will be a per-share redemption price of approximately
$10.52. The Company has been informed by Heidmar Inc. (“Heidmar”)
that Heidmar intends to terminate the Business Combination
Agreement previously entered into between Home Plate and Heidmar
promptly on or following October 4, 2023, the time period required
by the Company’s Amended and Restated Certificate of Incorporation
to consummate a business combination.
As of the close of business on October 4, 2023, the Public
Shares will be deemed cancelled and will represent only the right
to receive the redemption amount. Record holders as of the close of
business on October 3, 2023 will receive their pro rata portion of
the proceeds of the trust account less dissolution expenses and net
of taxes payable by delivering their Public Shares to Continental
Stock Transfer & Trust Company, the Company’s transfer agent.
Beneficial owners of Public Shares held in “street name,” however,
will not need to take any action in order to receive the redemption
amount. The redemption of the Public Shares is expected to be
completed within ten business days after October 4, 2023.
The Company’s sponsor has agreed to waive its redemption rights
with respect to its outstanding Class A common stock issued prior
to the Company’s initial public offering. There will be no
redemption rights or liquidating distributions with respect to the
Company’s warrants, which will expire worthless.
The Company expects that NASDAQ will file a Form 25 with the
United States Securities and Exchange Commission (the “Commission”)
to delist the Company’s securities. The Company thereafter expects
to file a Form 15 with the Commission to terminate the registration
of its securities under the Securities Exchange Act of 1934, as
amended.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts contained in this press
release, including without limitation, statements regarding the
proposed redemption amount to be received by stockholders, are
forward-looking statements. Forward-looking statements are based on
the Company’s current expectations and are subject to numerous
conditions, risks and uncertainties, which could cause actual
results to differ materially from those reflected in the
statements, many of which are beyond the control of the Company,
including those set forth in the Risk Factors section of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2022, filed with the SEC on March 14, 2023, and the Company’s
quarterly reports on Form 10-Q filed with the SEC, each available
on the SEC’s website, www.sec.gov. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from the
projections in the forward-looking statements. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Investor Contact:Jonathan RosenzweigTel
+1-917-513-3028Jonathan@homeplateacq.com
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