Welsbach Technology Metals Acquisition Corp. (NASDAQ: WTMA) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with an undisclosed target in the critical materials space for, so far, undisclosed terms.
The parties are currently considering the specific terms of the potential business combination, and expect to disclose further details once a definitive agreement is signed.
Today’s announcement comes two weeks before WTMA’s extension vote scheduled for September 28. Shareholders at the special meeting will vote on a proposal to extend the SPAC’s completion deadline up to an additional nine months, from September 30, 2023, to June 30, 2024.
This potential deal marks Welsbach’s second shot at completing a business combination following its termination with battery-maker WaveTech in June, citing market conditions. The deal was valued at $228 million and featured a $25 million minimum cash condition.
Welsbach currently has approximately $37.8 million in its trust after seeing 53.03% redeemed during a meeting in March.
The SPAC has been searching for a combination target in the space of “energy transition metals” like rare earth miners or battery technology firms since its IPO in December 2021. It is led by CEO and Chairman Daniel Mamadou and COO Christopher Clower, both from Singapore-based energy investment firm Welsbach Holdings.
Since this is still just a non-binding LOI, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.
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....
1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...
D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...
Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...