AUSTIN, Texas , Nov. 21,
2022 /PRNewswire/ -- HumanCo Acquisition Corp.
(Nasdaq: HMCO, HMCOU and HMCOW), announced today that, due to its
anticipated inability to consummate an initial business combination
within the time period required by its Amended and Restated
Certificate of Incorporation, HumanCo Acquisition Corp. 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 a per-share redemption price of approximately
$10.08.
"We worked tirelessly to bring our shareholders value as we
identified numerous potential business combination partners and met
with many mission-aligned companies regarding potential
transactions. Ultimately, however, we were unable reach a deal with
a target company that we were confident would result in a
successful business combination. We remained committed to the best
interests of our shareholders, and are therefore returning the
capital held in the trust account," stated Ross Berman, Chief Executive Officer of HumanCo
Acquisition Corp.
"Current market conditions have also convinced us that the best
way to deliver on our promise to shareholders is to return the
capital held in trust," added HumanCo Acquisition Corp.'s Executive
Chairman, Jason H. Karp.
As of the close of business on December
1, 2022, the Public Shares will be deemed cancelled and will
represent only the right to receive the redemption amount.
In order to provide for the disbursement of funds from the trust
account, the Company has instructed the trustee of the trust
account to take all necessary actions to liquidate the trust
account. The proceeds of the trust account will be held in a
non-interest bearing account while awaiting disbursement to the
holders of the Public Shares. Record holders may redeem their
shares for their pro rata portion of the proceeds
of the trust account 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
December 1, 2022.
The Company's initial stockholders have waived their redemption
rights with respect to its outstanding 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 "SEC") to
delist its securities. The Company thereafter expects to file a
Form 15 with the SEC to terminate the registration of its
securities under the Securities Exchange Act of 1934, as
amended.
About HumanCo Acquisition
Corporation
HumanCo Acquisition Corp. is a blank check company incorporated
as a Delaware corporation for the
purpose of effecting a merger, capital stock exchange, asset
acquisition, stock purchase, reorganization or similar business
combination with one or more businesses. While the Company may
pursue an acquisition opportunity in any business, industry, sector
or geographical location, it intends to focus on the industries
that complement the management team's background, and to capitalize
on their demonstrated ability to identify and acquire businesses
focusing on Health and Wellness ("H&W") and related industries
in the United States.
Forward-Looking
Statements
This press release may include "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 fact
included in this press release are forward-looking statements. When
used in this press release, words such as "anticipate," "believe,"
"estimate," "expect," "intend" and similar expressions, as they
relate to us or our management team, identify forward-looking
statements. Such forward-looking statements are based on the
beliefs of management, as well as assumptions made by, and
information currently available to, the Company's management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company's filings with the SEC. All subsequent
written or oral forward-looking statements attributable to us or
persons acting on our behalf are qualified in their entirety by
this paragraph. 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 prospectus relating to the
Company's initial public offering filed with the SEC. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Contact
HumanCo Acquisition Corp.
(512) 535-0440
info@humanco.com
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SOURCE HumanCo Acquisition Corp.
