Inception Growth Acquisition Limited (NASDAQ: IGTA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with AI company AgileAlgo.
Singapore-based AgileAlgo is a maker of enterprise-grade natural language code generator for machine-learning and data management platforms. It utilizes generative-AI techniques to automate AI code development and scaling to other technology stacks.
Under the terms of the agreement, AgileAlgo’s existing equity holders will roll 100% of their equity into the combined public company. Inception Growth expects to announce additional details regarding the proposed business combination once a definitive merger agreement is executed, but did not provide a timeline as to when that will occur.
Inception Growth raised a total of $104.5 million in gross proceeds during its December 2021 IPO and initially sought to find a business based in the U.S. and/or Asia that has a focus on the TMT, sports and entertainment, and/or non-gambling gaming sectors. The SPAC, however, saw 56.75% of its trust redeemed during an extension meeting in March, leaving it with $46.05 million post-vote.
As of now, Inception Growth has until September 13 to complete a business combination, but has the ability to extend its deadline by an additional nine months until June 13, 2024. The company is led by Chief Executive Officer and Chairman of the Board Paige E. Craig, and Chief Financial Officer Felix Yun Pun Wong.
Because there is no guarantee that this LOI will be completed, Inception Growth will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
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