Tristar Acquisition I Corp. (NYSE:TRIS) announced in an 8-K this morning that it has entered into a non-binding letter of intent (LOI) to combine with an unnamed target company.
As per the terms of its prospectus, Tristar I may now automatically extend its transaction deadline by three months from April 18 to July 18 by dint of having the LOI in hand. There is still no guarantee that this LOI will develop into a definitive agreement.
The SPAC may still need to seek an extension by vote to complete a deal as transactions closing in 2023 have so far taken on average more than eight months to get from announcement to close. That’s only counting the distance from from definitive agreement to completion, as well.
Until then, Tristar I has tipped very little information about its target aside from stating that the SPAC has had discussions with it over an extended period of time and it meets Tristar I’s criteria and guidelines. According to its S-1, Tristar I has been searching for telecom and technology targets that have “a need for business optimization and high-return investment opportunities” since its October 2021 IPO.
It is led by CEO and Chairman William M. Mounger II, COO Cathy Martine-Dolecki, and CFO Timothy Dawson.
Terms Tracker for the Week Ending March 17, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Despite this week’s headlines about bank failures, EF Hutton managed to file both a new S-1 registration statement and price an IPO. They should have...
Latest SPAC Liquidations: Northern Genesis III, MSD, and Tech and Energy Transition Corp. Northern Genesis Acquisition Corp. III (NGC) to Liquidate on March 24 Northern Genesis III (NYSE:NGC) announced that it will redeem all outstanding shares effective as of the close of business on March 27. Shares will cease trading on March 24 and the per-share...
Tech and Energy Transition Corp. (NASDAQ: TETC) announced this afternoon that its shareholders have voted against a proposal to extend the SPAC’s timeline to complete a business combination. Holders of 38,069,946 shares of TETC’s common stock, comprised of 28,495,396 shares of Class A common stock, and 9,575,000 shares of Class B common stock, were present at...
Direct Selling Acquisition Corp. (NYSE: DSAQ) announced this morning that it intends to adjourn its extension vote, originally scheduled to be held on March 22, and will reconvene on March 24 at 11:00 a.m. The SPAC has also extended the redemption deadline to March 22 at 5:00 p.m. It is currently facing a completion deadline of March...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Saudi Arabia explores setting up framework for SPAC listings, and Boxed considers filing for bankruptcy Saudi Arabia Explores Setting Up Framework for SPAC Listings Saudi Arabia’s market regulator is looking into setting up a...