Annual report pursuant to Section 13 and 15(d)

Cover Page

v3.21.1
Cover Page - USD ($)
4 Months Ended
Dec. 31, 2020
Mar. 30, 2021
Jun. 30, 2020
Document Information [Line Items]      
Document Type 10-K/A    
Amendment Flag true    
Entity Central Index Key 0001823776    
Entity Registrant Name H.I.G. Acquisition Corp.    
Document Annual Report true    
Document Transition Report false    
Document Period End Date Dec. 31, 2020    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2020    
Current Fiscal Year End Date --12-31    
Entity Interactive Data Current Yes    
Entity Current Reporting Status Yes    
Entity Incorporation, State or Country Code E9    
Entity Shell Company true    
Entity Filer Category Non-accelerated Filer    
Entity Small Business true    
Entity Emerging Growth Company true    
Entity Address, State or Province FL    
Entity Ex Transition Period false    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
ICFR Auditor Attestation Flag false    
Entity Public Float     $ 0
Amendment Description References throughout this Amendment No. 1 to the Annual Report on Form 10-K to “we,” “us,” the “Company” or “our company” are to H.I.G. Acquisition Corp. unless the context otherwise indicates. This Amendment No. 1 (“Amendment No. 1”) to the Annual Report on Form 10-K/A amends the Annual Report on Form 10-K of H.I.G. Acquisition Corp. for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (“SEC”) on March 30, 2021 (the “Original Filing”). On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on October 23, 2020, our warrants were accounted for as equity within our balance sheet. After discussion and evaluation, including with our registered public accounting firm and our audit committee, and taking into consideration the SEC Staff Statement, we have concluded that our warrants should be presented as liabilities with subsequent fair value remeasurement. As a result of the foregoing, on May 21, 2021, the Audit Committee of the Company, in consultation with its management, concluded that its previously issued Financial Statements for the period from September 2, 2020 (inception) through December 31, 2020 (collectively, the “Affected Period”), be restated because of a misapplication in the guidance around accounting for our outstanding warrants to purchase Class A ordinary shares (the “Warrants”) and should no longer be relied upon. Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent non-cash changes in estimated fair value of the Warrants, based on our application of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815-40, Derivatives and Hedging, Contracts in Entity’s Own Equity (“ASC 815-40). The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC 815-40 to the warrant agreement. We reassessed our accounting for the Warrants issued on October 23, 2020, in light of the SEC Staff’s published views. Based on this reassessment, we determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in our Statement of Operations each reporting period. We are filing this Amendment No. 1 to amend and restate the Original Filing with modification as necessary to reflect the restatements. The following items have been amended to reflect the restatements: Part I, Item 1A. Risk Factors Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations Part II, Item 8. Financial Statements and Supplementary Data Part II, Item 9A Controls and Procedures In connection with the restatement, the Company’s management reassessed the effectiveness of its disclosure controls and procedures for the periods affected by the restatement. As a result of that reassessment, the Company’s management determined that its disclosure controls and procedures for such periods were not effective with respect to the classification of the Company’s warrants as components of equity instead of as derivative liabilities. For more information, see Item 9A included in this Annual Report on Form 10-K/A. In addition, the Company’s Chief Executive Officer and Chief Financial Officer have provided new certifications dated as of the date of this filing in connection with this Form 10-K/A (Exhibits 31.1, 31.2, 32.1 and 32.2). Except as described above, no other information included in the Original Filing is being amended or updated by this Amendment No. 1 and this Amendment No. 1 does not purport to reflect any information or events subsequent to the Original Filing. This Amendment No. 1 continues to describe the conditions as of the date of the Original Filing and, except as expressly contained herein, we have not updated, modified or supplemented the disclosures contained in the Original Filing. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Filing and with our filings with the SEC subsequent to the Original Filing.    
Common Class A [Member]      
Document Information [Line Items]      
Trading Symbol HIGA    
Security Exchange Name NYSE    
Title of 12(g) Security Class A Ordinary Shares included as part of the units    
Entity Common Stock, Shares Outstanding   36,394,500  
Common Class B [Member]      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   9,098,625  
Capital Units [Member]      
Document Information [Line Items]      
Trading Symbol HIGA.U    
Security Exchange Name NYSE    
Title of 12(g) Security Units, each consisting of one Class A Ordinary Share, $0.0001 par value, and one-third of one redeemable warrant    
Warrant [Member]      
Document Information [Line Items]      
Trading Symbol HIGA WS    
Security Exchange Name NYSE    
Title of 12(g) Security Redeemable warrants included as part of the units