MIAMI, June 1, 2023
/PRNewswire/ -- JAWS Hurricane Acquisition Corporation (the
"Company") (Nasdaq: HCNE) today announced that its board of
directors (the "Board") has determined not to proceed with a
proposal to extend its corporate existence, as set forth in the
Company's definitive proxy statement, filed with the U.S.
Securities and Exchange Commission (the "SEC") on
May 18, 2023 (the "Proxy
Statement"). As such, the Board has determined to cancel the
special meeting of its stockholders, previously scheduled for
June 8, 2023, and to redeem all of
its outstanding shares of Class A common stock, par value
$0.0001 per share (the "Public
Shares"), effective on or about June 16,
2023, because the Company will not consummate an initial
partnering transaction within the time period required by its
amended and restated certificate of incorporation (the
"Charter").
Pursuant to the Charter, if the Company does not consummate an
initial business combination by June 15,
2023, the Company will: (i) cease all operations except
for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter subject to
lawfully available funds therefor, redeem 100% of the Public Shares
in consideration of a per-share price, payable in cash,
equal to the quotient obtained by dividing (A) the aggregate
amount then on deposit in the Company's trust account, including
interest not previously released to the Company to pay its
franchise and income taxes (less up to $100,000 of such net interest to pay dissolution
expenses), by (B) the total number of then outstanding Public
Shares, which redemption shall completely extinguish rights of the
holders of Public Shares (including the right to receive further
liquidating distributions, if any), subject to applicable law, and
(iii) as promptly as reasonably possible following such
redemption, subject to the approval of the remaining stockholders
and the Board in accordance with applicable law, dissolve and
liquidate, subject in each case to the Corporation's obligations
under the General Corporation Law of the State of Delaware to provide for claims of
creditors and other requirements of applicable law.
The Company anticipates that the last day of trading in the
Company's Class A Shares will be June
15, 2023 and that, on or about June
16, 2023, the Public Shares will be suspended from trading,
will be deemed cancelled and will represent only the right to
receive the per-share redemption price for the public
shares to be announced at a later date (the "Redemption
Amount").
The Redemption Amount will be payable to the holders of the
Public Shares upon presentation of their respective share or unit
certificates or other delivery of their shares or units to the
Company's transfer agent, Continental Stock Transfer &
Trust Company. Beneficial owners of Class A Shares held in
"street name," however, will not need to take any action in order
to receive the Redemption Amount.
There will be no redemption rights or liquidating distributions
with respect to the Company's warrants. The Company's initial
stockholders have waived their redemption rights with respect to
the outstanding shares of Class B common stock, par value
$0.0001 per share, issued prior to
the Company's initial public offering.
The Company expects that the Nasdaq Stock Market LLC will file a
Form 25 with the U.S. Securities and Exchange Commission to delist
its securities.
About JAWS Hurricane Acquisition Corporation
The Company is a blank check company incorporated in
Delaware for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with
one or more businesses or entities.
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, including, without limitation, the redemption of the
Company's Public Shares. 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 latest Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q 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.
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SOURCE Jaws Hurricane Acquisition Corp.
