Rigel Resource Acquisition Corp. (NYSE: RRAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a global metals company.
The SPAC disclosed that it signed the LOI on March 23, but did not provide further information on the unnamed target or the potential transaction.
Today’s announcement comes days before its extension vote on August 7, suggesting that this LOI is a teaser to give shareholders a “taste” before they decide on whether to redeem or not. As of now, Rigel Resource has a completion deadline of August 9, 2023, but is hoping to gain shareholder approval to extend this by an entire year up to August 9, 2024.
It announced the pricing of its upsized $275 million IPO in November 2021 and set out to combine with a target in the global mining industry, including operators of mines and providers of ancillary services. Rigel Resource is led by Chairman of the Board of Directors Oskar Lewnowski, CEO Jonathan Lamb, President Nathanael Abebe, and CFO Jeff Feeley.
Since there is no guarantee that this LOI will be completed, RRAC will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...