GigInternational1, Inc.(NASDAQ:GIW) announced this morning that it has entered into a non-binding term sheet to combine with renewable, manufacturing and power generating company Convalt Energy.
Convalt, a portfolio company of ACO Investment Group, focuses on power generation, transmission, and solar manufacturing development within the United States. Last year, the company purchased the manufacturing assets of SunPower Corporation (NASDAQ:SPWR) and relocated the automated assembly lines from Hillsboro, Oregon to Watertown, New York, where a new factory capable of producing up to 900 MW of solar panels is expected to be operational in the third quarter of 2023.
The manufacturing company has received financial support from Jefferson County as well as the State of New York and has taken advantage of the Inflation Reduction Act bill to invest in power generation projects in NY and Maine to provide renewable power by year end 2023. Convalt plans to bring solar manufacturing back to the United States and to provide employment to the local and military communities.
The bill, which was introduced earlier this month, aims to fight inflation through investments in domestic energy production and manufacturing, and reduce carbon emissions by 40% by 2030. The federal government has dedicated a total of $437 billion in spending, with $369 billion committed specifically towards energy security and climate change, representing a timely opportunity for GigInternational1.
But, since this deal is not at the “definitive agreement” stage, and is still just a non-binding term sheet, SPACInsider will not considered this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is announced.
The SPAC announced the pricing of its $200 million IPO on May 19, 2021, and initially set out to combine with a TMT, A&D, mobility, or semiconductor company that would also be part of its “Mentor-Investor” program. GigInternational1 is led by CEO, President, and Secretary Dr. Raluca Dinu and CFO Brad Weightman.
Terms Tracker for the Week Ending February 3, 2023 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. The month of February started with an IPO, thanks to the pricing of Cetus Capital Acquisition Corp (Nasdaq: CETU) which began trading on February 1....
Forest Road II (NYSE:FRXB) and 10X Capital Venture III (NYSE:VCXB) both announced this afternoon that they have mutually terminated their business combinations. Forest Road II intended to combine with transportation technology developer HyperloopTT, but the parties decided to nix the deal due to timing constraints along with unfavorable market conditions. Tom Staggs and Kevin Mayer, Co-CEOs and...
Intelligent Medicine Acquisition Corp. (NASDAQ:IQMD) and AMCI Acquisition Corp. II (Nasdaq: AMCI) announced this afternoon that they have adjourned their special meetings with shareholders. Intelligent Medicine originally scheduled its meeting to be held today, but is now postponing its vote until Wednesday, February 8. Stockholders may elect to redeem their shares by no later than...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Comcast dumps 18.5% of its BuzzFeed stock Comcast Dumps 6 Million Shares of Buzzfeed After Media Company Finally Gets a Bump Comcast dumped 18.5% of its BuzzFeed (NASDAQ:BZFD) stock in recent days, reducing its...
Viveon Health (NYSE:VHAQ) announced this morning that it is unilaterally terminating its combination with Suneva Medical “based upon material breaches” of the merger agreement. The SPAC did not elaborate further on its claims against Suneva, but noted it will continue on and seek a new business combination. Just last week, Viveon Health was working to...