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Heidmar Inc. Announces Termination of Merger Agreement
October 4, 2023
Athens, Greece – October 4, 2023 – Heidmar Inc. (the “Company”) announced today that it has terminated the Business Combination Agreement dated March 19, 2023 (as amended, the “Business Combination Agreement”) between the Company, Home Plate Acquisition Corporation (NASDAQGM: HPLT), a publicly-listed, special purpose acquisition company (“Home Plate”), Heidmar Marine Inc., Home Plate Sponsor LLC, HP Merger Subsidiary Corp. and certain shareholders of the Company party thereto, pursuant to Sections 11.1(b) and 11.1(d) of the Business Combination Agreement.
In conjunction with the termination of the Business Combination Agreement, each of the Ancillary Documents (as defined in the Business Combination Agreement) has also been terminated in accordance with their respective terms.
Market conditions were not conducive to the contemplated equity raise and the Company terminated the Business Combination Agreement pursuant to its terms. The Company remains 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. Read More