New Vista Acquisition Corp. (NASDAQ: NVSA) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with private aviation firm Verijet Holding Company LLC.
Although details on the proposed merger remain limited for the time being, the SPAC expects to announce further information once a definitive agreement has been finalized. New Vista priced its upsized $240 million IPO in February 2021 with the intent of combining with a business that has cutting-edge technology for air mobility or logistics in space.
Verijet provides private aviation services with the largest fleet of Cirrus Vision jets, operating 19 jets in the Northeast, Southeast and West Coast.
Today’s LOI comes just before New Vista’s extension vote on February 10, where the company hopes to gain shareholder approval to extend its timeline by a year from February 19, 2023, to February 19, 2024. Typically by announcing an LOI right before an extension vote, there is the hope that the prospect of a specific deal will give shareholders something to chew on and encourage them to stick around at the vote to hear more.
But, New Vista’s deal is still just a non-binding LOI, so SPACInsider will not consider this deal as fully “announced”. As such, it will remain in the “Searching” category until a definitive agreement is signed.
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