Heidmar, a commercial and pool management business servicing the crude oil and refined petroleum product tanker market, today announced it has entered into a definitive merger agreement with Home Plate Acquisition at an implied equity value of $261.4 million. If approved, upon deal completion Heidmar would be listed on the nasdaq under the ticker symbol HMAR.
Net proceeds from the transaction are expected to include the targeted minimum cash raise of $55 million, in a combination of an expected PIPE and trust cash, as well as existing cash on Heidmar's balance sheet. Heidmar is expected to have over $47 million of cash at transaction close, which is expected to accelerate and fund its growth in commercial and technical management and shipbroking.
Home Plate last week said it will call a shareholder meeting to vote on extending its merger deadline until Oct. 4.
The SPAC raised $200 million in an October 2021 ipo with plans at that time to acquire and manage a business in the FinTech and Embedded Finance sectors, including payments, digital assets, consumer finance, and other related areas. Read more.
Source: Heidmar Merging with Home Plate Acquisition in 1M Deal