Marshall Islands based Hunter Maritime Acquisition revealed it has “mutually agreed” with Germany’s Oskar Wehr to terminate the master agreement and the memoranda of agreement (MOA) related to the acquisition of five Capesize dry bulk carriers.
The Tender Offer expired on June 9, 2017, and as of that time, certain conditions to the consummation of the Tender Offer and the Acquisition were not satisfied, including the condition that not more than 8,233,100 Class A common shares shall have been validly tendered and not properly withdrawn at the Expiration Date.
"As a result, the Company and the Sellers mutually agreed to terminate the Master Agreement and the MOA relating to the Acquisition in accordance with their respective terms and conditions," said a statement from the company.
The Company will continue to seek to identify potential target businesses or assets.
Hunter Maritime Acquisition Corp. is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, debt acquisition, stock purchase, reorganization or other similar business combination, vessels, vessel contracts (including contracts for the purchase and charter-in of vessels) or one or more operating businesses, which the Company intends to be in the international maritime shipping industry.