NEW YORK, Aug. 11, 2017 /PRNewswire/
-- Barington/Hilco Acquisition Corp. (NASDAQ: BHAC), a blank
check acquisition company (the "Company"), announced today that
stockholders have approved an extension of the date by which it
must complete a business combination (the "Extension"). The
Extension allows the Company until December
31, 2017 to complete a business combination.
Following redemptions associated with the Extension, a total of
approximately $15 million will remain
in the Company's trust account. In connection with the
Extension, the Company's sponsors agreed to contribute to the
Company as a loan $0.025 for each
public share that was not converted in connection with the
stockholder vote to approve the Extension, for each 30-day period,
or portion thereof, that is needed by the Company to complete a
business combination. This will increase the pro rata portion
of the funds available in the trust account in the event of the
consummation of a business combination or a liquidation from
approximately $10.36 per share to
approximately $10.48 per share,
assuming the Company takes the full time through December 31, 2017 to complete a business
combination.
On May 12, 2017, the Company
entered into a merger agreement (the "Merger Agreement") with
Oomba, Inc., a specialized social media and software development
company. The purpose of the Extension is to provide Oomba
additional time to complete an audit of its financial statements so
that the parties may proceed with closing the transactions
contemplated by the Merger Agreement.
About Barington/Hilco Acquisition Corp.
Barington/Hilco Acquisition Corp. is a blank check company
formed for the purpose of entering into a merger, share exchange,
asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"anticipate", "believe", "expect", "estimate", "plan", "outlook",
and "project" and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Such forward-looking statements include
statements concerning the potential business combination. These
statements are based on the Company's management's current
expectations and beliefs, as well as a number of assumptions
concerning future events.
Such forward-looking statements are subject to known and unknown
risks, uncertainties, assumptions and other important factors, many
of which are outside of the Company's control that could cause
actual results to differ materially from the results discussed in
the forward-looking statements. Additional factors that could cause
actual results to differ materially from those expressed or implied
in forward-looking statements can be found in the Company's most
recent annual report on Form 10-K and subsequently filed quarterly
reports on Form 10-Q and current reports on Form 8-K, which are
available, free of charge, at the SEC's website at www.sec.gov.
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SOURCE Barington/Hilco Acquisition Corp.
