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.
Terms Tracker for the Week Ending June 13, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This week brought three new SPAC IPOs with pricings from BEST SPAC I Acquisition Corp., Blue Acquisition Corp. and Blue Water Acquisition Corp. III. All...
Starry Sea (NASDAQ:SSEAU) has filed for a $50 million SPAC with leadership that is making its debut as SPAC officers and a broad search mandate. The new SPAC is offering investors one right to a 1/6 share in each unit and a redemption opportunity coming at the end of its 15-month initial transaction deadline if...
At the SPAC of Dawn Israel’s bombing of sites in Iran has brought a new injection of uncertainty to the markets, which appear poised to open in the red. But, this may be a temporary factor after the week has also produced better-than-expected indicators on inflation. One more data point is set to come in...
Best SPAC I Acquisition Corp. (NASDAQ:BSAAU) announced the pricing of its $55 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BSAAU”, Friday, June 13, 2025. The new SPAC plans to combine with a consumer goods company with a total enterprise value between $100 million and $600 million....
Blue Acquisition Corp. (NASDAQ:BACCU) announced the pricing of its $175 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “BACCU”, Friday, June 13, 2025. The new SPAC intends to combine with a target company within a manufacturing company or data center that aligns with green energy initiatives and...