Lux Health Tech Acquisition Corp. (NASDAQ:LUXA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a leading life sciences company.
The SPAC kept the details pertaining to the unnamed target to a minimum, but disclosed that the company has an experienced executive and scientific leadership team that has built an extensive technology platform with multiple programs in development. Lux Health Tech expects to offer the target its resources, experience and network of relationships to support growth and access to public markets.
Additionally, the target’s existing equity holders will be rolling over 100% of their equity into the combined public company. Little else is disclosed in the press release regarding the transaction, but Lux Health Tech expects to announce further information once the agreement is executed, which is expected to occur in the second half of 2022.
The SPAC announced the pricing of its $300 million IPO nearly two years ago in October 2020, and had initially set out to combine with a healthcare technology target with an experienced management team of serial entrepreneurs and acclaimed scientists. Lux Health is led by Chairman Peter Hébert, CEO and Director Josh DeFonzo and CFO and Treasurer Segolene Scarborough.
This LOI comes several weeks before its transaction deadline on October 20, 2022. But, since this deal is not at the “definitive agreement” stage, and is still at the non-binding LOI stage, SPACInsider will not consider this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
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