SAN FRANCISCO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Health Assurance Acquisition Corp. (the “Company”) announced today that it priced its initial public offering of 50,000,000 SAIL℠ (Stakeholder Aligned Initial Listing) securities at a price of $10.00 per SAIL℠ security. The SAIL℠ securities will be listed on the Nasdaq Stock Market, LLC (“Nasdaq”) and will trade under the ticker symbol “HAACU” beginning November 12, 2020. Each SAIL℠ security consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of  $11.50 per share. Once the securities comprising the SAIL℠ securities begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on the Nasdaq under the symbols “HAAC” and “HAACW,” respectively. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

The Company is a newly organized blank check company, formed by Hemant Taneja, Glen Tullman, Stephen K. Klasko MD, MBA, Quentin Clark, Jennifer Schneider, MD, Anita V. Pramoda and Evan Sotiriou, for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

Although the Company will not be limited to a particular industry, it intends to invest in an innovator or innovators focused on building an enduring company in the health assurance space.

Morgan Stanley is acting as lead bookrunning manager for the offering. AmeriVet Securities is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 7,500,000 SAIL℠ securities at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to this offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus, when available, may be obtained from Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, Email: prospectus@morganstanley.com.

A registration statement relating to the securities became effective on November 12, 2020. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Ronda Scott
General Catalyst
rscott@generalcatalyst.com
650-618-5900