Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed target in the critical materials space for, so far, undisclosed terms.
The parties are currently considering the specific terms of the potential business combination, and expect to disclose further details once a definitive agreement is signed.
Today’s announcement comes two weeks before WTMA’s extension vote scheduled for September 28. Shareholders at the special meeting will vote on a proposal to extend the SPAC’s completion deadline up to an additional nine months, from September 30, 2023, to June 30, 2024.
This potential deal marks Welsbach’s second shot at completing a business combination following its termination with battery-maker WaveTech in June, citing market conditions. The deal was valued at $228 million and featured a $25 million minimum cash condition.
Welsbach currently has approximately $37.8 million in its trust after seeing 53.03% redeemed during a meeting in March.
The SPAC has been searching for a combination target in the space of “energy transition metals” like rare earth miners or battery technology firms since its IPO in December 2021. It is led by CEO and Chairman Daniel Mamadou and COO Christopher Clower, both from Singapore-based energy investment firm Welsbach Holdings.
Since this is still just a non-binding LOI, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.
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