NEW YORK--(BUSINESS WIRE)--HL Acquisitions Corp. (Nasdaq:HCCHU) announced today the closing of its initial public offering of 5,500,000 units at $10.00 per unit, including 500,000 units subject to the underwriters’ over-allotment option. Each unit consists of one of the Company’s ordinary shares, no par value, one right to receive one-tenth (1/10) of an Ordinary Share upon the consummation of an initial business combination and one warrant, with each warrant entitling the holder to purchase one Ordinary Share at a price of $11.50 per share. The units have been listed on the Nasdaq Capital Market  and trade under the ticker symbol “HCCHU.” Once the securities comprising the units begin separate trading, the Ordinary Shares, Rights and Warrants are expected to be traded on Nasdaq under the symbols “HCCH,” “HCCHR” and “HCCHW,” respectively.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $55,000,000 (or $10.00 per Ordinary Share sold in the offering) was placed in trust. An audited balance sheet of the Company as of July 2, 2018 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as Exhibit 99.1 to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

HL Acquisitions Corp. is a newly formed blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The Company’s efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although the Company intends to focus its search for a target business in the hydrocarbon logistics and processing industries.