Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed target in the critical materials space for, so far, undisclosed terms.
The parties are currently considering the specific terms of the potential business combination, and expect to disclose further details once a definitive agreement is signed.
Today’s announcement comes two weeks before WTMA’s extension vote scheduled for September 28. Shareholders at the special meeting will vote on a proposal to extend the SPAC’s completion deadline up to an additional nine months, from September 30, 2023, to June 30, 2024.
This potential deal marks Welsbach’s second shot at completing a business combination following its termination with battery-maker WaveTech in June, citing market conditions. The deal was valued at $228 million and featured a $25 million minimum cash condition.
Welsbach currently has approximately $37.8 million in its trust after seeing 53.03% redeemed during a meeting in March.
The SPAC has been searching for a combination target in the space of “energy transition metals” like rare earth miners or battery technology firms since its IPO in December 2021. It is led by CEO and Chairman Daniel Mamadou and COO Christopher Clower, both from Singapore-based energy investment firm Welsbach Holdings.
Since this is still just a non-binding LOI, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.
Blueport (NASDAQ:BPACU) has filed for a $69 million SPAC that would bring another first-time sponsor team to market. The new SPAC is offering investors a right to a 1/6 share in each unit and it will have 15 months to complete a business combination. It is underwritten by Alliance Global Partners and will not be...
At the SPAC of Dawn The markets appear to poised to continue a rosy week with futures in the green in anticipation of PCE inflation readings. Space is one of the sectors feeling the most love recently and launch services firm Rocket Lab (NASDAQ:RKLB) is keeping up the momentum, scheduling two launches within 48 hours...
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....