Heidmar announced late on Wednesday the termination of the merger deal that was agreed earlier this year with blank check company Home Plate Acquisition Corporation.
According to an announcement, market conditions were not conducive to the contemplated equity raise and the company terminated the business combination agreement pursuant to its terms.
In conjunction with the termination of the business combination agreement, each of the ancillary documents has also been terminated in accordance with their respective terms.
The tanker pool specialist Heidmar announced plan to list on Nasdaq through merger with Home Plate Acquisition Corporation earlier this year.
“The transaction values the combined company at a pro forma implied equity value of approximately $261.4 million. Heidmar is expected to have over $47 million of cash at transaction close. After the completion of the proposed transaction, will operate under the “Heidmar” name and be listed on Nasdaq under the ticker symbol “HMAR,” said the company when entered into the business combination agreement in March this year.
Heidmar stated that it was focused on growing its tanker and dry bulk commercial management and pooling business organically while the launch into technical ship management is also proceeding as per plan with ongoing discussions with potential partners.
