Tristar Acquisition I Corp. (NYSE:TRIS) announced in an 8-K this afternoon that it has terminated its non-binding letter of intent (LOI) with its unnamed target.
The LOI was announced just a few months ago in March, but by having this signed agreement in hand, it allowed the SPAC to automatically extend its transaction deadline by three months from April 18 to July 18.
Tristar I did not provide any further information on the reason for the breakup and tipped very little information on the target itself aside from stating that the SPAC has had discussions with it over an extended period of time and it meets its 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.
The SPAC is led by CEO and Chairman William M. Mounger II, COO Cathy Martine-Dolecki, and CFO Timothy Dawson.
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