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The redemption will be at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account established in connection with the IPO (the "Trust Account") including interest earned on the funds held in the Trust Account and not previously released to Healthwell to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of outstanding Public Shares. This redemption will completely extinguish public stockholders' rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law.
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Following this redemption, Healthwell intends to liquidate the funds held in the Trust Account and dissolve itself. The proceeds thereof, less $100,000 of interest to pay dissolution expenses and net of taxes payable, will be held in a trust operating account while awaiting disbursement to holders of Public Shares. Beneficial owners of Public Shares held in "street name" will not need to take any action in order to receive their pro rata portion of these proceeds. The Redemption Amount is expected to be paid out within ten business days after instruction is given for Continental Stock Transfer & Trust Company ("Continental"), Healthwell's trustee, to commence with this process.
Healthwell Acquisition Corp. I Sponsor LLC has agreed to waive its redemption rights with respect to shares of Healthwell's Class B common stock issued prior to the IPO, including shares of Healthwell's Class A common stock issued upon conversion of such Class B common stock. All other costs and expenses associated with implementing this dissolution will be funded from proceeds held outside of the Trust Account.
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Healthwell is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. It is expected that all outstanding Public Shares will be redeemed for an estimated redemption price per share at approximately $10.50 after payment up to $100,000 for dissolution expenses but before payment for taxes.
Today's announcement marks an end for Healthwell Acquisition Corp I as it winds down operations and dissolves itself following withdrawal from consideration by its stockholders proposals set forth in Heatlhwell's Definitive Proxy Statement on Schedule 14A filed with U.S Securities and Exchange Commission on November 13th 2023.
Filed Under: Business
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