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.
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...