Hedosophia European Growth- Initiation of Redemption and Liquidation

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Hedosophia European Growth (the "Company") today announces that it will not conclude a Business Combination ahead of its Business Combination Deadline of 18 May 2023.

Metadata
Provider: 
Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, May 3, 2023
Information
Tags: 
Professional Services, Finance, Unit, Common stock, Business, Escrow, Warrant, Estate agent, Security (finance)
Geotags: 
NETHERLANDS, EUROPE
Organisation: 
HEDOSOPHIA EUROPEAN GROWTH
Summary
Key Points: 
  • Hedosophia European Growth (the "Company") today announces that it will not conclude a Business Combination ahead of its Business Combination Deadline of 18 May 2023.
  • Thereafter, as promptly as reasonably possible following such redemption the Company will liquidate and dissolve, subject to board and shareholder approval.
  • The costs relating to the liquidation and dissolution of the Company are expected to be funded by the Sponsor Entity.
  • The timetable below sets forth certain expected key dates for the redemption and liquidation:


Hedosophia European Growth (the "Company") today announces that it will not conclude a Business Combination ahead of its Business Combination Deadline of 18 May 2023. To this end, the Company's board has unanimously resolved that it is in the Company's best interests to liquidate the Company and shall take all required steps for redemption and liquidation as soon as possible from the Business Combination Deadline.

In accordance with the Company's Prospectus, the Company will cease all operations from 18 May 2023, except for the purpose of winding up. As promptly as possible but not more than 10 Trading Days afterwards, the Company will redeem all Units and Ordinary Shares. Thereafter, as promptly as reasonably possible following such redemption the Company will liquidate and dissolve, subject to board and shareholder approval.

Holders of Units and Ordinary Shares will receive redemption proceeds from the Escrow Account through payment by the Listing Agent, which is currently estimated to be at least EUR 10 per Unit or Ordinary Share. The Sponsor Shares and Warrants will not receive any payment from the Escrow Account. The Warrants will expire worthless after the Business Combination Deadline.

The costs relating to the liquidation and dissolution of the Company are expected to be funded by the Sponsor Entity.

Indicative Timetable

The timetable below sets forth certain expected key dates for the redemption and liquidation:

Event

Date

Business Combination Deadline

18 May 2023

Delisting of Units, Ordinary Shares and Warrants

19 May 2023 (before trading hours)

Expiration of Warrants

19 May 2023

Record date for redemption of Units and Ordinary Shares

22 May 2023 (after trading hours)

Payment of redemption proceeds to holders of Units and Ordinary Shares

23 May 2023

Redemption of Units and Ordinary Shares

24 May 2023

Resolution by holders of Sponsor Shares approving the commencement of the voluntary liquidation and the appointment of voluntary liquidators

25 May 2023

Final general meeting

6 July 2023

Completion of the dissolution of the Company

6 October 2023

About Hedosophia European Growth

The Company is a special purpose acquisition company that aimed to identify a unique investment opportunity within industries that were technology-enabled and benefited from strong underlying macro trends. The Company is sponsored by Hedosophia Group Limited, a global investor in leading technology companies.

The Company is registered with the Registrar of Companies under incorporation number 370531 and has its registered office in Grand Cayman, Cayman Islands.

More information about the Company, including the Company's initial public offering (the "IPO") prospectus dated 12 May 2021 (the "Prospectus"), which was approved by the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten, the "AFM"), can be found on the Company's website www.hedosophiaeuropeangrowth.eu.

Disclaimer

This announcement contains information that qualifies, or may have qualified, as inside information within the meaning of Article 7(1) of Regulation (EU) No 596/2014 on market abuse.

Capitalised terms used but not defined herein shall have the respective meanings given to them in the Prospectus.

This announcement may include forward-looking statements, which are based on the Company's current expectations and projections regarding a Business Combination or liquidation, the business, the economy and other future conditions of the Company and speak only as of the date hereof. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms ''believes'', "aims", "forecasts", "continues", ''estimates'', ''plans'', ''projects'', ''anticipates'', ''expects'', ''intends'', ''may'', ''will'' or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company's business, results of operations, financial position, liquidity, prospects, growth or strategies. Forward-looking statements speak only as at the date at which they are made and the Company undertakes no obligation to update these forward-looking statements.

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