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.
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