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.
Aimei Health Technology Co. (NASDAQ:AFJK) filed its S-1 Friday afternoon for a $50 million IPO, marking the fourth SPAC to file for an IPO in May and the twelfth year-to-date. Given its name, it comes as no surprise that Aimei Health Technology intends to pursue prospective targets that are focused on healthcare innovation. More specifically, the...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: GreenLight Biosciences returns to private market, Jet.AI partners with Vegas Golden Knights and Cirrus Aviation, and True Velocity announces partnership with FN America GreenLight returns to private market in $46M deal after taste of...
GreenLight Biosciences (NASDAQ:GRNA), which combined with Environmental Impact in February 2022, announced this morning that it is being acquired in a go-private transaction by Fall Line Capital for $45.5 million. While this is a steep valuation decline from its $1.23 billion enterprise value at the announcement of its SPAC deal, this price does represent a...
FOXO Technologies Inc. (NYSE:FOXO), which completed its business combination with Delwinds Insurance in September 2022, announced this morning that it has consummated its exchange offer for all outstanding warrants as well as its PIK note offer to amend. As part of the offer, all holders of FOXO’s warrants received 4.83 shares of Class A common...
Redwoods Acquisition Corp. (NASDAQ:RWOD) has entered into a definitive agreement to combine with biotech firm ANEW (OTC PINK:LEAS) at an enterprise value of $94 million. Cheyenne, Wyoming-based ANEW is developing biosimilar cancer treatments and gene therapies for neurodegenerative conditions. The combined company is expected to trade on the Nasdaq once the deal is completed in...