FTAC Emerald Acquisition Corp. (NASDAQ: EMLD) announced that on March 16, it signed a non-binding letter of intent (LOI) to combine with an unnamed target.
With a completion deadline of June 20, FTAC Emerald was set to expire, but now that it has announced a signed LOI in hand, the company will receive an automatic extension of three months, giving it a new deadline of September 20.
The SPAC announced the pricing of its $220 million IPO in December 2021. It did not disclose further details on today’s potential merger or the target itself, but initially intended on combining with a target that achieves best-in-class standards in environmental, social, and governance (ESG) practices. FTAC Emerald is led by Chairman Betsy Cohen, President and CEO Bracebridge H. Young, Jr., Vice Chairman Mark Tercek, and CFO Doug Listman.
Because there is no guarantee that this LOI will be completed, FTAC Emerald will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
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