LF Capital Acquisition Corp. II (NASDAQ:LFAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) with a target.
Although LF Capital II did not disclose the target’s name, it did mention that the company is a profitable U.S.-based manufacturer in the packaging industry. The established company serves diversified end markets and has a blue-chip customer base that are subject to multi-year contracts.
The SPAC has not signed a definitive agreement with the company just yet but intends to do so once it completes full due diligence, secures financing, and completes required stock exchange and regulatory reviews.
Today’s LOI announcement comes just hours after LF Capital II held its shareholder meeting to vote on a proposal to increase the monthly extension payments per one-month extension of its deadline to $0.04 per share of the company’s Class A common stock. The SPAC recently changed the redemption deadline for the vote from February 15 to February 17. This move follows a supplemental addition to its proxy statement stating that the SPAC may be liable to pay a 1% federal excise tax imposed under the Inflation Reduction Act in connection with redemptions, but the funds for such payments would not come from its trust.
LF Capital II has not yet disclosed the results from today’s meeting but it is currently facing a completion deadline of February 19. It initially IPO’d in November 2021 with the intent of combining with a disruptive business in the fintech or services, technology, digital asset or consumer sectors.
Since LFAC’s announcement is just at the LOI stage, the SPAC will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
At the SPAC of Dawn Rare earth miner MP Materials (NYSE:MP) was one of the early winners of the 2020 SPAC boom, having picked up momentum following its 2020 deal with Fortress Value. But, the company’s news that it will become a major supplier of battery materials for Apple’s empire of electronic devices has sent...
Solarius Capital Acquisition Corp. (NASDAQ:SOCAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SOCAU”, Wednesday, July 16, 2025. The new SPAC plans to combine with a target in the asset management, wealth management or financial services industries. Solarius Capital’s management team...
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...