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The firm will list 45 million units at an offering price of $10 apiece, it said in a filing https://www.sec.gov/Archives/edgar/data/1823776/000119312520256732/d863069ds1.htm#toc863069_12.
The blank-check company intends to apply to have its units listed on the New York Stock Exchange under the symbol “HIGA.U”, according to the filing.
A special purpose acquisition company (SPAC), or a blank-check company, is a shell company that uses IPO proceeds to buy another company, typically within two years of listing. High profile investors such as Bill Ackman and Michael Klein have raised billions through their SPACs this year.
SPACs have emerged as a major driver of IPOs lately, with the likes of space tourism company Virgin Galactic Holdings (N:SPCE), sports betting platform DraftKings Inc (O:DKNG) and electric truck maker Nikola Corp (O:NKLA) going public by merging with SPACs. Credit Suisse (SIX:CSGN), Morgan Stanley (NYSE:MS) and BofA Securities are the bookrunners for H.I.G. Acquisition’s offering.
