Hennessy Capital III (HCAC) Releases Results of Their Shareholder Vote

This afternoon, Hennessy Capital Acquisition Corp. III (HCAC), Daniel Hennessy’s third SPAC, released the results of their shareholder vote to approve their business combination with NRC Group Holdings.  Shareholders approved the transaction, but there was an uncomfortable amount of redemptions.

In connection with the closing, Hennessy Capital redeemed a total of 20,954,826 shares of Common Stock, resulting in a total cash payment from Hennessy Capital’s trust account to redeeming stockholders of $214,342,783.70.  Before the vote, there was approximately $263 million being held in trust.

Furthermore, in addition to the $85 million in capital commitments Hennessy III secured in August, Hennessy III also exercised their Backstop Commitment with Nomura in full.  Nomura purchased 2,442,419 shares of Common Stock on the open market at a weighted average price of approximately $10.236 per share, or $25 million.

It is expected that, effective October 18, 2018, the Company’s common stock and warrants will begin trading under the ticker symbols “NRCG” and “NRCG.WS,” respectively, on the NYSE American exchange.

NRC Group is a global provider of comprehensive environmental, compliance and waste management services to the marine and rail transportation, general industrial and energy markets. NRG Group Holdings, a portfolio company of private equity firm, J.F. Lehman & Co.

ADVISORS

• HCAC was advised on the transaction by Credit Suisse Securities (USA) LLC and Stifel as capital markets advisors
• Nomura Securities International, Inc. as financial advisor and committed equity financing provider
• Sidley Austin LLP and Ellenoff Grossman & Schole LLP as legal counsel.