Aetherium Acquisition Corp. (NASDAQ:GMFI) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with some divisions of Capital A Berhad, the investment holding company of AirAsia.
Valued at $1 billion, the proposed business combination would result in new subsidiary Capital A International becoming a standalone publicly traded company. Capital A International intends to be an investment company that leverages the “AirAsia” brand and capitalizes on capabilities in aviation, travel and hospitality and digital technologies.
By owning 100% equity in AirAsia Brand and Leasing, Capital A International’s primary revenue sources will be from brand royalties and aircraft leasing. Furthermore, the company will actively engage in strategic acquisitions, business incubation, and partnerships to offer entrepreneurial platforms.
Under the terms of the LOI, Capital A intends to divest all issued and outstanding share capital of Capital A International.
Further details will be disclosed upon the signing of a definitive agreement in the weeks to come.
Aetherium currently has approximately $31 million in its trust account after seeing 73.99% redeemed during previous meetings. It initially raised $116.7 million from its IPO in December 2021 and set out to combine with businesses in the education, training, and education technology industries, specifically in Asia (excluding China). The SPAC is led by Chairman and Co-CEO Jonathan Chan, CFO Alex Lee and Co-CEO David Kopp.
Since there is no guarantee that this LOI will make it to the definitive agreement stage, Aetherium will stay in SPACInsider’s searching column for now.
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