BurTech Acquisition Corp. (NASDAQ:BRKHU) and Chavant Capital (NASDAQ:CLAYU) both announced this afternoon that they have signed non-binding letters of intent ahead of the long weekend.
BurTech’s 8-K referenced a Bloomberg news article that was published earlier this week which disclosed its non-binding LOI with Indian digital entertainment and technology company JetSynthesys. Although a non-binding LOI does not equate to a deal announcement, the article noted the agreement would value the combination at more than $700 million and BurTech may seek an additional $120 million in new financing to support the deal.
The SPAC raised $250 million at IPO on December 10, 2021, and originally stated it intends to combine with a business that participates within the retail, lifestyle, hospitality, technology or real estate markets. BurTech is led by Chairman of the Board of Directors and Chief Executive Officer Shahal Khan, President Isaac Chetrit, Chief Financial Officer Roman Livson, Chief Investment Officer Payel Farasat, and Chief Marketing Officer Christopher Schroeder.
As for Chavant Capital, the SPAC signed a non-binding LOI yesterday, but did not disclose the target’s name or further details on the potential merger. The 8-K did reveal, however, that the target is a U.S.-based technology company focused on developing advanced connectivity solutions with high bandwidth and low latency. It is currently targeting customers in the infrastructure, consumer electronics, satellite, automotive and other sectors, and Chavant believes it holds attractive intellectual property.
Chavant raised $80 million at IPO on July 20, 2021, and originally announced that it aims to combine with a target in the advanced manufacturing and advanced materials industries with an enterprise value of at least $600 million. The SPAC is led by CEO and President Dr. Jiong Ma, Chairman Dr. André-Jacques Auberton-Hervé, and CFO Michael Lee.
Because these are “non-binding” LOIs, these deals will remain in SPACInsider‘s “Searching” column until there is word of a definitive agreement.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...