Pearl Holdings (NASDAQ:PRLH) announced in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with a target, but included no other details on the company.
The LOI allows Pearl to automatically extend its transaction deadline to September 17 and it may do so one more time to December 17. If this target matches with the criteria Pearl had in mind when it IPO’d, then it is likely in the domain of lifestyle, healthcare or wellness.
In particular, Pearl initially sought to find a high-growth branded consumer or medical firm in these areas. Pearl is led by CEO and Chairman Craig Barnett, who also serves as the CEO of Meadow Lane alongside Martin Lewis, who comes from boutique advisory firm Grower Advisors. The SPAC’s Board is made up of directors with experience in fashion, healthcare, marketing and pet products.
Because there is no guarantee that this LOI will be completed, Pearl will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
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