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.
FIGX Acquisition Corp. (NASDAQ:FIGXU) announced the pricing of its $131 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “FIGXU”, Friday, June 27, 2025. The new SPAC aims to seek out a financial services target with a particular focus on wealth and asset managers with the potential to...
Yorkville Acquisition Corp. (NASDAQ:YORKU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “YORKU”, Friday, June 27, 2025. The new SPAC plans to combine with a target company in the telecom, media or technology sectors. Yorkville Acquisition Corp.’s management team is led...
At the SPAC of Dawn As pressure on Fed Chairman Jerome Powell increases, the market is set to ingest a raft of new indicators today as well as hear from Cleveland Fed President Beth Hammack on the potential interest rate path. Today will also see June’s 8th SPAC IPO as Cantor Equity Partners III Inc....
Cantor Equity Partners III Inc. (NASDAQ:CAEP) announced the pricing of its upsized $240 million IPO and its shares are expected to begin trading on the Nasdaq under the symbol “CAEP”, Thursday, June 26, 2025. The new SPAC plans to combine with a target company in an industry where its management has relevant expertise such financial...
Launch One (NASDAQ:LPAA) has entered into a definitive agreement to combine with biotech firm Minovia Therapeutics at a $180 million pre-money valuation. Haifa, Israel-based Minovia is developing a drug platform based on mitochondrial cell therapies to potentially treat rare disorders as well as the effects of aging and other causes of bodily degeneration. The combined...