Signal Hill Acquisition Corp. to Dissolve and Liquidate

Strategic Insights -

Signal Hill Acquisition Corp., a blank-check company listed on the Nasdaq Global Market, announced on May 22, 2023, that it intends to dissolve and liquidate due to its inability to consummate an initial business combination within the required time period. As a result, the company will redeem all outstanding shares of Class A common stock at a per-share redemption price of approximately $10.43. The Public Shares, units, warrants, and rights will cease trading as of May 26, 2023, and the redemption of the Public Shares is expected to be completed on May 29, 2023.

Key Takeaways:

  • Signal Hill Acquisition Corp. will dissolve and liquidate due to its inability to complete an initial business combination within the required time period.
  • The company will redeem all outstanding shares of Class A common stock at a per-share redemption price of approximately $10.43.
  • The Public Shares, units, warrants, and rights will cease trading as of May 26, 2023.
  • Record holders can 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.
  • Beneficial owners holding their Public Shares in "street name" do not need to take any action to receive the redemption amount.
  • The Company's initial stockholders have waived their redemption rights with respect to the Company's outstanding common stock issued prior to the Company's initial public offering.
  • The Company expects to file a Form 25 with the SEC to delist its securities and a Form 15 to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended.

Statistics:

  • Redemption price per share: approximately $10.43
  • Expected redemption completion date: May 29, 2023
  • Trading cessation date for Public Shares, units, warrants, and rights: May 26, 2023
  • Number of Public Shares to be redeemed: not specified
  • Total trust account proceeds: not specified

Sources:

  • Signal Hill Acquisition Corp. press release dated May 19, 2023 ( Exhibit 99.1 of Form 8-K filing)
  • Form 8-K filing dated May 22, 2023 (SEC filing number 0001855885-23-000035)
  • Signal Hill Acquisition Corp. Registration Statement on Form S-1/A filed with the SEC (filed February 22, 2021)