Roth CH IV (NASDAQ:ROCG) announced in an 8-K this morning that its letter of intent (LOI) to combine with a target company is no longer exclusive.
The SPAC noted that negotiations for the deal remain ongoing, but both parties may seek out other transactions. Roth CH IV’s initial announcement on June 15 revealed no detail about the company in question, so this does seem a situation of “so long, we hardly knew ya.'” But, of course, this deal could still be negotiated into a definitive agreement.
Announcing LOIs has become somewhat more common in recent months, perhaps because some SPACs are looking at shorter deadlines and want to keep investors engaged ahead of any upcoming extension votes. Six SPACs announced LOIs with targets since Roth CH IV did so in June, but only one of these has announced a definitive agreement since – East Resources (NASDAQ:ERES) and its combination with Abacus Life.
Two of these SPACs – Alpha Star (NASDAQ:ALSA) and Chavant (NASDAQ:CLAY) – have extended their transaction deadlines in the interim.
Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...
Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...
InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...
10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...