Welsbach Technology Metals Acquisition Corp. (WTMA) Inks LOI with Evolution Metals
by Nicholas Alan Clayton on 2024-01-25 at 8:35am

Welsbach Technology (NASDAQ:WTMA) has signed a non-binding letter of intent (LOI) to combine with mining firm Evolution Metals for so far unspecified terms.

Palm Beach, Florida-based Evolution is developing both mining and refining capabilities to process battery and rare earth metals for a wide range of technology applications.

The company gives little detail on its website of its existing facilities and stops short of describing any of its efforts as operational. It does, however, say its refining projects are “fully permitted, providing a short timeline to scale production of battery-grade materials.”

As such, its projects appear to be greenfield at the moment, although it claims it already is providing “bespoke solutions” to clients as a “pre-eminent supplier and trader” of battery metals.

It is also unclear if Evolution Metals is the same company with which Welsbach Metals touted an LOI back last September ahead of an extension vote. The target was not named at that time, but the SPAC got through the vote with 71.8% redemptions to date, leaving about $23.4 million in its trust. It now has until June 30, 2024 to complete a deal.

Welsbach previously announced a definitive agreement with battery-maker WaveTech in November 2022 at a $228 million enterprise value, but the parties terminated the combination seven months later.

Because there is no guarantee that this LOI will advance to a definitive agreement, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.

Recent Posts
by Nicholas Alan Clayton on 2024-03-04 at 1:43pm

Deals and Funding Power & Digital II (NASDAQ:XPDB) has expanded the PIPE for its combination with Montana Technologies to about $50 million in commitments led by Carrier (NYSE:CARR) and Rice Investment Group. Blue World (NASDAQ:BWAQ) has amended its combination with TOYO Solar to reflect that it has been restructured under new ownership. Entities called WAG,...

by Nicholas Alan Clayton on 2024-03-04 at 7:43am

At the SPAC of Dawn The first full week of March comes with a bevy of votes as SPACs investors will be asked to help complete nine deals and extend seven other SPACs’ transaction timelines. Two SPACs are set to come off the board today, however, as Revelstone (NASDAQ:RCAC) and Vector II (NASDAQ:VAQC) commence their...

by Anthony Sozzi on 2024-03-02 at 11:58am

Contributions to trust are typically expected from sponsors looking to retain as much of the trust account as possible that need additional time to complete business combinations. With “time to complete” steadily increasing over the past months, redemptions from the trust account do not look to be slowing down, regardless of what SPAC teams do...

by Kristi Marvin on 2024-03-02 at 11:45am

Terms Tracker for the Week Ending March 1, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The last week of February turned out to be a sluggish one with not a lot happening on the new issuance front. Once again, there...

by Nicholas Alan Clayton on 2024-03-01 at 1:28pm

News and Rumors Bloomberg: Digital World (NASDAQ:DWAC) and its target Trump Media and Technology Group (TMTG) were hit by a new wave of legal headaches this week as both the founders of its Truth Social platform and Digital World CEO Patrick Orlando filed lawsuits over the deal’s closing share allocations. One of the suits has...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved