USHG Acquisition Corp.
HUGS-WT
New York Stock Exchange0.00
USD
+0.00
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USHG Acquisition Corp.
HUGS-WT
(New York Stock Exchange)
Recent
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ROIC.AI
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in mil. unless spec.- Similar Companies
- Business
- USHG Acquisition Corp. (HUGS-WT) is a blank check company, or special purpose acquisition company (SPAC), sponsored by an affiliate of Union Square Hospitality Group, LLC, focused on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses; it currently conducts no significant operations and generates no revenue. The company targets culture-driven enterprises across industries such as technology, e-commerce, food and beverage, health, retail, and consumer goods, prioritizing those embodying "Enlightened Hospitality" principles that emphasize employees, customers, community, suppliers, and investors. Founded in 2020 and headquartered at 853 Broadway, 17th Floor, New York, New York, USHG Acquisition Corp. initially raised $287.5 million through its initial public offering of 28.75 million units in February 2021, priced at $10.00 per unit, which included one share of Class A common stock and one-third of one warrant. In November 2021, the company announced a planned partnership with Panera Brands Inc., under which USHG would participate alongside Panera's initial public offering through a reverse merger structure, positioning USHG as a cornerstone investor with Danny Meyer, founder of Union Square Hospitality Group and USHG Chairman, slated to join Panera's board; this arrangement aimed to leverage JAB Holding's backstop commitment amid Panera's global growth plans. However, in July 2022, due to deteriorating capital market conditions and the unlikelihood of Panera proceeding with its IPO in the near term, the parties mutually decided not to extend the agreement beyond its June 30, 2022 expiration, terminating the planned transaction. No subsequent business combinations materialized, leading to the company's liquidation; its warrants (HUGSW) faced NYSE delisting proceedings in November 2022 for abnormally low prices, with trading suspended, and the SPAC was marked as liquidated by early 2023, returning funds to shareholders without completing a merger.