LF Capital Acquisition Corp. II (NASDAQ:LFAC) announced this afternoon that it has signed a non-binding letter of intent (LOI) with a target.
Although LF Capital II did not disclose the target’s name, it did mention that the company is a profitable U.S.-based manufacturer in the packaging industry. The established company serves diversified end markets and has a blue-chip customer base that are subject to multi-year contracts.
The SPAC has not signed a definitive agreement with the company just yet but intends to do so once it completes full due diligence, secures financing, and completes required stock exchange and regulatory reviews.
Today’s LOI announcement comes just hours after LF Capital II held its shareholder meeting to vote on a proposal to increase the monthly extension payments per one-month extension of its deadline to $0.04 per share of the company’s Class A common stock. The SPAC recently changed the redemption deadline for the vote from February 15 to February 17. This move follows a supplemental addition to its proxy statement stating that the SPAC may be liable to pay a 1% federal excise tax imposed under the Inflation Reduction Act in connection with redemptions, but the funds for such payments would not come from its trust.
LF Capital II has not yet disclosed the results from today’s meeting but it is currently facing a completion deadline of February 19. It initially IPO’d in November 2021 with the intent of combining with a disruptive business in the fintech or services, technology, digital asset or consumer sectors.
Since LFAC’s announcement is just at the LOI stage, the SPAC will remain in SPACInsider’s “Searching” category until a definitive agreement is signed.
Pelican Acquisition Corp. (NASDAQ:PELIU) announced the pricing of its $75 million IPO and its units began trading on the Nasdaq under the symbol “PELIU”, Friday, May 23, 2025. The new SPAC aims to combine with a technology company with a defensible market position that would benefit from being publicly traded in the US. Pelican’s management...
Cohen Circle II (NASDAQ:CCIIU) has filed for a $220 million SPAC marking the second wave of the Betsy Cohen team’s return to the market in the burgeoning 2024/2025 cycle. The new SPAC brings slightly less warrant coverage than its predecessor Cohen Circle I (NASDAQ:CCIR) with a 1/4 warrant in each of its units as opposed...
A Paradise (NASDAQ:APADU) has filed for a $200 million SPAC to get a fresh Asia-focused vehicle on the road with a leader that has steered several SPACs before. The new SPAC continues underwriter Cohen & Company’s warpath as its 15th SPAC put on file this year, with the firm’s 12th SPAC IPO debut set for...
On this week’s SPACInsider REPLAY, we revisit a 2022 conversation with Harry Sloan of the Eagle SPACs. At the time, Harry had already completed seven SPACs and was closing in on his eighth. As markets cooled and the SPAC boom waned, Harry offered a prescient take on where the market was headed—and what a “post-boom”...
At the SPAC of Dawn Betsy Cohen’s team is back with a new S-1 filing for Cohen Circle II (NASDAQ:CCIIU). The filing is good news for the health of the SPAC market as it represents something of a second wave of SPACs by the serial sponsor teams. Cohen Circle I (NASDAQ:CCIR) listed in October 2024...