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.
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...
Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....
Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....