Independence Holdings Corp.
ACQRW
NASDAQ Capital Market0.00
USD
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Independence Holdings Corp.
ACQRW
(NASDAQ Capital Market)
Recent
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ROIC.AI
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- Business
- Independence Holdings Corp. (Nasdaq: ACQRW) is a blank check special purpose acquisition company incorporated in the Cayman Islands whose principal business is to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company conducts no substantive operations other than sourcing and pursuing a target for its initial business combination; it offers no products or services independently but focuses on high-quality growth companies primarily in financial technology, software and tech-enabled services sectors, targeting entities with enterprise values between approximately $1 billion and $5 billion. Formed in 2021 and headquartered at 277 Park Avenue, 29th Floor, New York, New York, the company went public via an upsized $435 million initial public offering of 43.5 million units at $10.00 each in March 2021, with units comprising one Class A ordinary share and one-fifth of one redeemable warrant exercisable at $11.50 per share; private placement warrants were concurrently issued to sponsor Independence Sponsor LLC. In a major development, Independence Holdings announced in February 2023 that it would redeem all outstanding Class A ordinary shares at approximately $10.20 per share effective March 10, 2023, after failing to complete an initial business combination within the required timeframe under its Amended and Restated Memorandum and Articles of Association, ceasing operations except for wind-up activities, liquidating the trust account balance of about $506 million (including interest), and planning delisting from Nasdaq via Form 25 followed by Form 15 to terminate SEC registration; warrants expired worthless with no redemption rights. The company, led by Co-Chairmen Steven J. McLaughlin and Eugene Yoon—affiliated with FT Partners and Sagemount, respectively, along with CEO John Lawrence Furlong and CFO Jaskaran Heir—maintains its sponsor's waiver of redemption rights on Class B ordinary shares and operates globally without current geographic revenue focus pending a business combination that never materialized.