NEW YORK--(BUSINESS WIRE)--Hennessy Capital Acquisition Corp. III (NYSE American: HCAC.U, HCAC, HCAC.WS) announced today that it has entered into definitive subscription agreements with both new and existing institutional investors for approximately $85.0 million of the Company’s preferred and common equity securities consisting of approximately $62.0 million of shares of the Company’s 7.00% Series A Convertible Preferred Stock at a cash purchase price of $100.00 per share (initial conversion price of $12.50 per share) and approximately $23.0 million of shares of the Company’s common stock at a cash purchase price of $10.25 per share in connection with HCAC’s previously announced acquisition of all of the issued and outstanding membership interests of NRC Group Holdings, LLC from JFL-NRC-SES Partners, LLC. As a result of these subscription agreements and the previously-announced investment from Nomura Securities International, Inc., HCAC has secured all the required financing necessary to complete the proposed transaction.

The proposed transaction is subject to customary closing conditions, including Company stockholder approval and the receipt of proceeds from the proposed equity financing activities, and is expected to close promptly following HCAC’s special meeting of stockholders to approve the proposed transaction. The parties expect the proposed transaction to be completed in October 2018. Following the satisfaction of these customary closing conditions and upon consummation of the proposed transaction, NRC Group will be a wholly-owned direct subsidiary of HCAC.

Credit Suisse Securities (USA) LLC, Stifel and Nomura Securities International, Inc. acted as joint private placement agents in connection with the subscription agreements.

Additional information about the proposed transaction is described in HCAC’s preliminary proxy statement relating to the acquisition, which HCAC filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 20, 2018.

About Hennessy Capital Acquisition Corp. III

Hennessy Capital Acquisition Corp. III is a blank check company founded by Daniel J. Hennessy and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The company’s acquisition and value creation strategy is to identify, acquire and, after its initial business combination, build an industrial/infrastructure manufacturing, distribution or services business. For additional information, please visit www.hennessycapllc.com. No portion of HCAC’s website is incorporated by reference into or otherwise deemed to be a part of this news release.