Inception Growth Acquisition Limited (NASDAQ: IGTA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with AI company AgileAlgo.
Singapore-based AgileAlgo is a maker of enterprise-grade natural language code generator for machine-learning and data management platforms. It utilizes generative-AI techniques to automate AI code development and scaling to other technology stacks.
Under the terms of the agreement, AgileAlgo’s existing equity holders will roll 100% of their equity into the combined public company. Inception Growth expects to announce additional details regarding the proposed business combination once a definitive merger agreement is executed, but did not provide a timeline as to when that will occur.
Inception Growth raised a total of $104.5 million in gross proceeds during its December 2021 IPO and initially sought to find a business based in the U.S. and/or Asia that has a focus on the TMT, sports and entertainment, and/or non-gambling gaming sectors. The SPAC, however, saw 56.75% of its trust redeemed during an extension meeting in March, leaving it with $46.05 million post-vote.
As of now, Inception Growth has until September 13 to complete a business combination, but has the ability to extend its deadline by an additional nine months until June 13, 2024. The company is led by Chief Executive Officer and Chairman of the Board Paige E. Craig, and Chief Financial Officer Felix Yun Pun Wong.
Because there is no guarantee that this LOI will be completed, Inception Growth will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
Terms Tracker for the Week Ending May 9, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. After the sprint that was last week, with nine IPOs and six new SPAC filings, this week took a breather. Only two SPACs priced, there...
Lake Superior (NASDAQ:LKSPU) has filed for a $100 million SPAC as its CEO attempts to go three-for-three with SPACs that led to completed deals. This new vehicle has one right to a 1/6 share in each unit and some common features of a SPAC underwritten by Cohen & Company in this current climate. Although the...
At the SPAC of Dawn De-SPACs were among the biggest movers in yesterday’s stock market rally, but most of this momentum came on the backs of direct earnings performance. Only three US-listed companies had bigger one-day gains than quantum computing firm D-Wave’s (NYSE:QBTS) +51.2% jump. This came as the company announced $15 million in revenue...
EGH Acquisition Corp. (NASDAQ:EGHAU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EGHAU”, Friday, May 8, 2025. The new SPAC aims to combine with a target company in the energy transition or sustainability arena that help industries achieve efficiencies and decarbonization....
At the SPAC of Dawn Fed Chair Jerome Powell announced yesterday that the body intends to keep rates unchanged, earning him the moniker “FOOL” by US President Donald Trump. But, the announcement could bring some stability to market, which has seen macro factors pull it a variety of directions since the start of the year....