Heidmar has terminated the merger with Home Plate Acquisition Corporation, a US-based special purpose acquisition company led by Dan Ciporin and Jonathan Rosenzweig.
In conjunction with the termination of the business combination agreement, each of the ancillary documents has also been terminated in accordance with their respective terms.
The Athens-based tanker pool specialist entered into the business combination agreement in March this year. The pro forma equity value of the combined company would have been approximately $261.4m, with a target of raising at least $55m in cash, in a combination of expected PIPE raise and trust cash.
According to an announcement, market conditions were not conducive to the contemplated equity raise and Heidmar terminated the merger pursuant to its terms.
Heidmar stated that it was focused on growing its tanker and dry bulk commercial management and pooling business organically while the launch into technical ship management is also proceeding as per plan with ongoing discussions with potential partners.
The company currently has 60 vessels under management, including both crude oil and product tankers, and is actively targeting dry bulk pool management, vessel sale and purchase services, and technical management.
