Swiftmerge Acquisition Corp. (NASDAQ:IVCP) announced this afternoon that it has signed a non-binding letter of intent to combine with commercial-stage biotech company HDL.
The parties’ press release did not include a proposed valuation for the deal, but Swiftmerge currently has about $228 million in trust and about two months left before its June 17 transaction deadline. The SPAC aims to advance the LOI to a definitive agreement later this quarter.
Like the target of today’s other SPAC transaction, HDL has developed and commercialized a medical device to treat sufferers of heart disease.
Its PDS-2 system has been approved to treat homozygous familial hypercholesterolemia, a disorder that renders the body less capable of removing harmful cholesterol and more susceptible to heart attacks at an early age.
The PDS-2 uses patients’ own plasma to create natural lipoproteins that can reduce plaque blockages and lower overall risk levels. HDL believes this same approach could be used to treat other disorders of the heart, kidneys, arteries and even neurodegenerative diseases like Alzheimer’s. But, such applications have not yet been approved, according to its website.
Swiftmerge will continue to engage in due diligence efforts as it works towards signing a definitive agreement, but the SPAC will remain in SPACInsider‘s “Searching” column until that time.
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...