Hudson Acquisition I Corp. (NASDAQ:HUDA) announced that it has signed a non-binding letter of intent (LOI) to combine with a pre-clinical-stage biotechnology company.
The SPAC did not provide many details on the unnamed target, but disclosed that the biotech company is focused on developing intranasal preventives for major disease-causing respiratory viruses.
As a condition to the target company, Hudson’s board and executive officers will appoint new personnel to replace them and resign simultaneously.
Since Hudson has a completion deadline of July 28, and the ability to extend up to an extra 6 months, this announcement does not appear to be a pure teaser ahead of an extension vote. Hudson priced its $60 million IPO in October 2022 and initially set out to identify a well-established target focused on fintech, consumer, medical, or advanced mobility technology. The SPAC is led by Chairman and CEO Jiang Hui, CFO Hon Man Yu, and Senior Advisor Pengfei Xie.
But, since Hudson’s deal is at the non-binding LOI stage, SPACInsider will not consider this deal as fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
Only one of the two SPACs holding completion votes on major deals yesterday has released its results, but investors have reacted in real time by buying up shares in each despite both of their host exchanges being overall down on the day. AltC (NYSE:ALCC) secured shareholder approval for its combination with nuclear fission firm Oklo...
At the SPAC of Dawn The results are in for the first of yesterdays’ two big completion votes, and it appears set to finish with one of the best redemption results of any completion vote over the last two years. Only two SPACs have gotten all the way through their de-SPACing process since January 1,...
Rare earth miner Critical Metals (NASDAQ:CRML) dropped a new presentation today, providing its most significant update since completing its combination with Sizzle in February. The document points to 2024 being a potentially pivotal year for the firm as it cleared major development hurdles in getting preparing the ground for its Wolfberg lithium mine in Austria,...
At the SPAC of Dawn Today is the busiest day for SPACs in at least a month as three SPACs will hold extension votes and three more are seeking deal approval. Those completion votes will each bear watching and they include two of the most prominent deals of the past six months. Screaming Eagle (NASDAQ:SCRM)...
Some renewed hope around a 2024 rate cut propelled several stocks skyward in late Monday trading, and a large number of the day’s biggest gainers are tech-focused recent de-SPACs. The biggest one-day gain among de-SPACs late in the trading day is the +51.4% held by software firm XBP Europe (NASDAQ:XBP), which spun out from Exela...