Health Assurance Acquisition Corp. Announces Pricing of $500 Million Initial Public Offering
November 12 2020 - 8:17PM
Health Assurance Acquisition Corp. (the “Company”) announced today
that it priced its initial public offering of 50,000,000 SAIL℠
(Stakeholder Aligned Initial Listing) securities at a price of
$10.00 per SAIL℠ security. The SAIL℠ securities will be listed on
the Nasdaq Stock Market, LLC (“Nasdaq”) and will trade under the
ticker symbol “HAACU” beginning November 12, 2020. Each SAIL℠
security consists of one share of Class A common stock and
one-fourth of one redeemable warrant. Each whole warrant entitles
the holder thereof to purchase one share of Class A common stock at
a price of $11.50 per share. Once the securities comprising the
SAIL℠ securities begin separate trading, the shares of Class A
common stock and redeemable warrants are expected to be listed on
the Nasdaq under the symbols “HAAC” and “HAACW,” respectively. The
offering is expected to close on November 17, 2020, subject to
customary closing conditions.
The Company is a newly organized blank check company, formed by
Hemant Taneja, Glen Tullman, Stephen K. Klasko MD, MBA, Quentin
Clark, Jennifer Schneider, MD, Anita V. Pramoda and Evan Sotiriou,
for the purpose of effecting a merger, share exchange, asset
acquisition, share purchase, reorganization, or similar business
combination with one or more businesses or entities.
Although the Company will not be limited to a particular
industry, it intends to invest in an innovator or innovators
focused on building an enduring company in the health assurance
space.
Morgan Stanley is acting as lead bookrunning manager for the
offering. AmeriVet Securities is acting as co-manager for the
offering. The Company has granted the underwriters a 45-day option
to purchase up to an additional 7,500,000 SAIL℠ securities at the
initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. Copies
of the prospectus relating to this offering, when available, may be
obtained for free by visiting EDGAR on the SEC’s website at
www.sec.gov. Alternatively, copies of the prospectus, when
available, may be obtained from Morgan Stanley, Attn: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014,
Email: prospectus@morganstanley.com.
A registration statement relating to the securities became
effective on November 12, 2020. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Cautionary Note Concerning Forward-Looking
StatementsThis press release contains statements that
constitute “forward-looking statements,” including with respect to
the proposed initial public offering and the anticipated use of the
net proceeds. No assurance can be given that the offering discussed
above will be completed on the terms described, or at all, or that
the net proceeds of the offering will be used as indicated.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company’s registration
statement and preliminary prospectus for the Company’s offering
filed with the SEC. Copies are available on the SEC’s website,
www.sec.gov. The Company undertakes no obligation to update these
statements for revisions or changes after the date of this release,
except as required by law.
Ronda ScottGeneral
Catalystrscott@generalcatalyst.com650-618-5900
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