10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy.
Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations.
However, the 8-K mainly focused on disclosing its new non-redemption agreement with certain unnamed investors. The investors have agreed to vote their shares in favor of its proposed amendments at its extension vote, as well as to not redeem. In return, 10X’s sponsor has agreed to transfer a certain amount of its Founder Shares to the investors after the closing of the business combination.
Although details on the proposed merger remain limited, the SPAC expects to announce additional information once a definitive agreement is executed. Under the LOI agreement, 10X III and Sparks would become a combined entity, with Spark’s existing shareholders exchanging their shares in Sparks for equity in the combined public company.
10X III announced the pricing of its upsized $261 million IPO earlier this year on January 11, 2022 and originally intended to combine with a high growth technology and tech-enabled business in the consumer internet, ecommerce, software, healthcare or financial services industries. The SPAC is led by Chairman and CEO Hans Thomas, COO and Head of Origination David Weisburd, CFO Guhan Kandasamy, and President and Head of Capital Markets Oliver Wriedt.
Since this deal is not at the “definitive agreement” stage, and is still just 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.
Seaport Calibre Materials Acquisition Corp. (NASDAQ:SCMA) announced in an 8-K that it has inked new non-redemption agreements after postponing its initial extension vote. The SPAC has agreed to allocate up to 37,500 promote shares (1.1%) to investors holding in exchange for them agreeing not to redeem an aggregate of 150,000 shares at the vote now...
Armada I (NASDAQ:AACI) announced this afternoon that it has once again postponed its extension vote. The SPAC initially planned to hold its special meeting on January 20, but postponed it to January 30, and will now be pushing it back until tomorrow, January 31. Armada has also extended the deadline for holders to submit their public...
Prime Impact I (NYSE:PIAI) has entered into a definitive agreement to combine with auto insurance firm Cheche at an enterprise value of $841 million, or about 2.3x its 2022 revenue. Beijing-based Cheche provides a digital insurance platform for car owners in China with about 34 million vehicles covered. The combined company is expected to trade...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Hambro Perks eyes merger with Biotech Istesso, Rocket Lab launches first vehicle from U.S. soil, and Alliance Entertainment signs licensing agreement with The Walt Disney Company Hambro Perks SPAC Eyes Merger With Biotech...
Pono Capital Corp. (NASDAQ:PONO) disclosed in an 8-K filing this morning that its shareholders approved its combination with air mobility company AERWINS at a special meeting held on Friday, January 27. Holders of 12,412,861 common shares were present at the meeting and the deal was approved with 11,218,712 shares in favor of the transaction. The filing did not...