Hiro Metaverse to cancel shares and warrants next month -January 09, 2024 at 08:54 am EST

1 min read

(Alliance News) – Hiro Metaverse Acquisitions I SA on Tuesday said that “continuing market conditions” have necessitated a cancellation of its public shares and warrants.

The Luxembourg-based special purpose acquisition company is sponsored by an affiliate of the video games and metaverse technology venture capital fund Hiro Capital.

In September, the shell corporation reported an interim pretax loss of GBP11.1 million, compared to a full year loss of GBP5.3 million in 2022.

The company concluded that it will be unable to complete a business combination prior to the deadline expiry date of February 7, and intends to cancel the listing of its public shares and warrants in the main market of the London Stock Exchange no later than February 8.

Hiro will redeem public shares at a price of around GBP10.72 per share, equal to the current amount deposited in the company’s escrow account with Citibank NA divided by the total number of outstanding public shares.

Public shareholders holding shares at close on the redemption date of February 7 will have their shares automatically redeemed. Payment will be sent from Hiro’s depositary Link Market Services Ltd “on or as soon as practicable following the redemption date”.

The redemption will extinguish public shareholding rights, according to Luxembourg law.

Shares in Hiro last closed at 1,055.00 pence each in London on Monday.

By Hugh Cameron, Alliance News reporter

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