AXIOS Sustainable Growth (NYSE:AXAC) announced that it has signed a non-binding letter of intent with a European farming target, as it secured an extension vote.

The target company in question is supposedly one of Europe’s largest and most sustainable farming companies with about 18,000 hectares (45,000 acres) of agricultural land. AXIOS asserts that it is profitable with double-digit returns.

The SPAC’s press release drops further hints that the target is among the top 20 producers of agricultural commodities and plant-based proteins in Europe, but does not name its crops.

The timing of this announcement is curious as AXIOS also announced today that it secured an extension of its transaction deadline to May 18 at a February 14 special meeting and teams frequently prefer to drop vague news about LOIs before its shareholders make their redemption decisions.

AXIOS noted that it has secured $50 million in funding from existing AXIOS sponsors and strategic partners for the deal, but this is also naturally at a non-binding stage as well, for now. Nonetheless, if it has done the early work for a PIPE, this could indicate that the agreement is more than a mere teaser.

The SPAC did not disclose redemption figures in connection with the vote, nor has it yet announced it has extended the deadline at which redemptions would be final.

Earlier this month, AXIOS announced it had come to non-redemption agreements with investors holding an aggregate of 400,000 shares.

The SPAC noted it expects to announce additional details about the transaction if it were to progress to a definitive agreement, which is expected to occur in the second quarter of this year. Under that timeline, AXIOS will soon be scheduling another extension vote if it hopes to see this deal through to completion.