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Liquidated · 23 Feb 2024HHLA.U · NYSECIK 1824185Sponsor at IPO: HH&L Investment Co.

HH&L Acquisition Co.

$414MTrust raised at IPO · 10% of public shares left after its last counted vote

  1. IPO5 Feb 2021
  2. Searching24 months
  3. Deal announced—
  4. Liquidated23 Feb 2024

Tavia Read What stands out, from the filings · snapshot 14

  1. 01

    Larger than 91% of 2021’s SPAC IPOs.

    $414M raised, against a median of $239M for the 610 SPACs that priced in 2021.

  2. 02

    90% of public shares redeemed across 3 votes.

    3 extension votes, counted from the SPAC’s 8-Ks. 10% of the public shares remained after the last one.

  3. 03

    The trust was liquidated.

    Public shares were redeemed and the SPAC did not complete a merger.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2021 SPAC IPOs →
IPO priced
5 Feb 2021
IPO closed
9 Feb 2021
Raised
$414M1
Units sold
41,400,0002
Trust raised
$414M3
Trust per unit
$10.004
Unit
1 sh + ½ warrant5
Months to complete
246
Deadline before extensions
9 Feb 2023
Over-allotment
Exercised in full

Each unit: “one Class A ordinary share and one-half of one redeemable warrant”

How it compares

HH&L Acquisition Co. against the 610 SPACs that priced in 2021.

Raised
$414M
91% of 2021 SPACs are below it
2021 median: $239M
Trust per unit
$10.00
63% of 2021 SPACs match it
2021 median: $10.00
Months to complete
24
56% of 2021 SPACs match it
2021 median: 24
Redeemed across its votes
90%
63% of 2021 SPACs are above it
2021 median: 94%

Trust and redemptions

  1. Extension vote · 7 Feb 202331,281,090 of 41,400,000 redeemed (76%)
  2. Extension vote · 9 May 20233,887,893 of 10,118,910 redeemed (38%)
  3. Extension vote · 9 Aug 20232,025,832 of 6,231,017 redeemed (33%)

Public shares before each vote and the shares redeemed, as its 8-Ks (or the next 10-Q or 10-K) state them. Only votes whose redemptions were paid count.

Firms named in the prospectus

Company counsel

Sponsor

No other SPAC from HH&L Investment Co. or a vehicle of the same name priced since 1 January 2019.

Peers

Other 2021 SPAC IPOs with Credit Suisse Securities (USA) LLC as bookrunner.

SPACIPORaisedUnitStatus
AP Acquisition Corp16 Dec 2021$173M1 sh + ½ warrantLiquidated
Investcorp Europe Acquisition Corp I14 Dec 2021$345M1 sh + ½ warrantSearching
Growth for Good Acquisition Corp9 Dec 2021$253M1 sh + ½ warrant + 1 right (1/2)Liquidated
UTA Acquisition Corp1 Dec 2021$230M1 sh + ½ warrantLiquidated
Infinite Acquisition Corp.18 Nov 2021$276M1 sh + ½ warrantLiquidated

Sources

  1. PFinal prospectus: 0001104659-21-013544
  2. 1Gross proceeds: 0001104659-21-016512The Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $414,000,000.
  3. 2Units sold: 0001104659-21-016512consummated its initial public offering (“IPO”) of 41,400,000 units (the “Units”), including the issuance of 5,400,000 Units as a result of the underwriters’ exercise of their over-allotment option in full.
  4. 3Trust raised: 0001104659-21-016512A total of $414,000,000, comprised of $405,720,000 of the proceeds from the IPO (which amount includes $14,490,000 of the underwriters’ deferred discount) and $8,280,000 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account
  5. 4Trust per unit: 0001104659-21-013544$360 million, or $414 million if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case), will be deposited into a trust account located in the United States
  6. 5Unit composition: 0001104659-21-013544Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-half of one redeemable warrant.
  7. 6Months to complete: 0001104659-21-013544If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will redeem 100% of the public shares

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled
  • Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
  • Dated by. The date of the final prospectus.
  • Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
  • Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
  • Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
  • Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
  • Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
  • Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
  • Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
  • Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
  • Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
  • Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
  • Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
  • Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
  • Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
  • Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.