HL Acquisition HCCHU = 1C, 1R, 1W
Deal presentation 8/2020 Fusion Portugal
Merger meeting December 4.
11/11/20 redemption price of €9.39 per share (based on a USD/EUR exchange rate of 0.8891 as of June 30, 2020) $10.56
private placement subscription agreements with investors for the sale of an aggregate of Parent Class A Ordinary Shares at a price of $10.25 per share, for an aggregate purchase price of approximately $25.1 million (“PIPE Investment”), a....the current shareholders of HL will own approximately 60.6% of the voting power of the Parent Ordinary Shares outstanding, the Fusion Fuel Shareholders will own approximately 18.3% of the voting power of the Parent Ordinary Shares outstanding, and the PIPE Investors will hold approximately 21.1% of the voting power of the Parent Ordinary Shares outstanding. If all of the HL public shares are converted into cash, such percentages will be approximately 29.8%, 32.6%, and 37.6%, respectively.
10/2/20 In connection with this vote, the holders of 2,395 ordinary shares of the Company exercised their right to convert their shares into cash at a conversion price of approximately $10.57 per share, for an aggregate conversion amount of approximately $25,315. The Company now has until January 2, 2021 to consummate an initial business combination.
Effective as of August 25, 2020,
Removed - Closing is conditioned on HL having net cash proceeds at closing in excess of €22.8 million (calculated after redemptions, repayment of sponsor loans and payment of all transaction costs, and including any financing)
On March 30, 2020, HL Acquisitions Corp. (the “Company”) and Sila Energy Holdings Limited (the “Seller”), an affiliate of Ajay Khandelwal, a director of the Company, agreed to mutually terminate the previously announced Sale and Purchase Agreement, dated as of December 17, 2019 (the “Purchase Agreement”), by and among the Company, the Seller and Chi Energie
March 2 extension - holders of 126,000 ordinary shares of the Company exercised their right to convert their shares into cash at a conversion price of approximately $10.42 per share, for an aggregate conversion amount of approximately $1.3 million.
Following the meeting, the Company deposited $0.03 for each public share that was not converted in connection with the Extension, or an aggregate of approximately $152,940, into the Trust Account for the first 30-day extension period. The Company now has until July 2, 2020 to consummate an initial business combination, or determine to deposit additional funds into the Trust Account for three additional 30-day extension periods.
Warrant - 1 + $11.50. Call 18.
Expires 18 months. Ext to July 2 plus 3 30-day periods at 0.03 per.
Redemption ~ $10.56 June 2020. Adding .03/month
EarlyBird Capital
incorporated in the British Virgin Islands
we intend to focus our search for a target business in the hydrocarbon logistics and processing industry.
Jeffrey E. Schwarz has served as our Chief Executive Officer since our inception. Mr. Schwarz is the co-founder of Metropolitan Capital Advisors, Inc., a New York-based money management firm founded in 1992. Mr. Schwarz served as Metropolitan’s Chief Investment Officer from the firm’s inception until his retirement in 2012. Since 2012, Mr. Schwarz has served as the Managing Member of Metropolitan Capital Partners V LLC, the investment vehicle of the Schwarz family office. Mr. Schwarz serves as the Co-Chairman of the Board of Bogen Corporation, a telecommunications equipment provider. He also serves as the Co-Chairman of the Board of Bogen Communications International Inc., which is the ultimate corporate parent of Speech Design GmbH, a global provider of messaging services to telecom carriers. Mr. Schwarz previously served as the Chairman of the Board of Molopo Energy Ltd., an Australian Stock Exchange listed, Calgary, Alberta-based oil and gas exploration and production company, and as a member of the Board of Directors of Cyberonics Inc., a NASDAQ listed medical device company. Mr. Schwarz received a BS in Economics (Summa Cum Laude) and an MBA from the Wharton School of the University of Pennsylvania.
Greg Drechsler has served as our Chief Financial Officer since our inception. Since 2007, Mr. Drechsler has served as Controller and Chief Financial Officer of Metropolitan Capital Advisors, Inc. Mr. Drechsler has also served as Chief Financial Officer of Metropolitan Capital Partners V LLC since April 2016. From 2001 to 2007, Mr. Drechsler held various financial management positions at Johnson & Johnson World Headquarters and its Veridex oncology diagnostics unit. In 2000, Mr. Drechsler served as Vice President of Administration at Homes.com. From 1994 to 2000, he served as Vice President of Mergers & Acquisitions and Manager of Financial Analysis at Cendant. Mr. Drechsler received a BS in Accounting (Summa Cum Laude) from Villanova University. He earned his CPA while working as a Senior Auditor from 1991 to 1994 at Deloitte & Touche, LLP.
Rune Magnus Lundetrae has served as a member of our board of directors since June 2018. Since December 2016, Mr. Lundetrae has served as the Deputy Chief Executive Officer and Chief Financial Officer of Borr Drilling Ltd., the world’s largest premium jack-up rig operator. From August 2015 to December 2016, Mr. Lundetrae was a Managing Director and Head of Oil Services of DNB Markets, the investment banking subsidiary of DNB, Norway’s largest financial services group. From 2012 to June 2015, he served as Chief Financial Officer of Seadrill Ltd, the world’s largest offshore driller. From 2010 to 2011, Mr. Lundetrae served as Chief Financial Officer of Scorpion Offshore, an international offshore drilling company based in Houston, Texas and listed on the Oslo Stock Exchange. Mr. Lundetrae began his career with KPMG Stavanger, an auditing firm. Mr. Lundetrae received a BA in Business Administration from the University of Newcastle Upon Tyne, a M.Sc in IS Management from the London School of Economics and a M.Sc of Accounting and Finance from the Norwegian School of Economics. He is qualified as a CPA in Norway.