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.
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