Senior Connect Acquisition Corp. I (SNRH) Signs LOI with Avellino Lab
by Marlena Haddad on 2022-12-05 at 5:04pm

Senior Connect Acquisition Corp. I (NASDAQ:SNRH) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with precision medicine company Avellino Lab USA, Inc.

Under the terms of the LOI, the parties would become a combined entity, with Avellino’s existing equityholders exchanging their shares in Avellino for equity in the combined company.  Although details on the proposed merger remain limited, Senior Connect expects to disclose further information on the deal once a definitive agreement is executed, which is expected to occur early in the first quarter of 2023.

Avellino is a genetics-based diagnostics and research company that is focused on advancing precision health using machine learning to unlock the potential for research, development and commercialization of diagnostics and therapeutics. Avellino’s main business is the aggregation, curation, and analysis of genetic data to provide solutions for early detection of disease states in the areas of ophthalmology, oncology and infectious disease.

The precision medicine company has a strong track record of diagnosing genetic conditions, initially focused on corneal dystrophies and other inherited diseases in ophthalmology. In addition to its expertise in ophthalmology, Avellino is developing a non-invasive early cancer diagnostic that is derived from whole blood, saliva or tissue samples.

This announcement comes days before the SPAC’s extension vote on December 9. Senior Connect likely hopes that the prospect of a specific deal waiting in the wings will keep a few more shareholders around at its vote to at least see and hear more. But, since this deal is not at the “definitive agreement” stage, but a non-binding LOI, SPACInsider will not consider this deal fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.

Senior Connect announced the pricing of its upsized $360 million IPO about two years ago in December 2020, and initially intended to combine with a target focused on senior health and living. The SPAC is led by CEO and Chairman Richard T. Burke alongside President and Director Isaac Applbaum, CFO and Director Ryan Burke and EVP of M&A Steven Schwartz.

 

 

Senior Connect Acquisition Corp. I (SNRH) Signs LOI with Avellino Lab
Recent Posts
by Nicholas Alan Clayton on 2025-07-08 at 8:11pm

Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...

by Nicholas Alan Clayton on 2025-07-08 at 12:36pm

M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-08 at 8:18am

At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...

by Nicholas Alan Clayton on 2025-07-07 at 9:05am

Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...

by Nicholas Alan Clayton on 2025-07-07 at 8:50am

Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved