Welsbach Technology (NASDAQ:WTMA) has signed a non-binding letter of intent (LOI) to combine with mining firm Evolution Metals for so far unspecified terms.
Palm Beach, Florida-based Evolution is developing both mining and refining capabilities to process battery and rare earth metals for a wide range of technology applications.
The company gives little detail on its website of its existing facilities and stops short of describing any of its efforts as operational. It does, however, say its refining projects are “fully permitted, providing a short timeline to scale production of battery-grade materials.”
As such, its projects appear to be greenfield at the moment, although it claims it already is providing “bespoke solutions” to clients as a “pre-eminent supplier and trader” of battery metals.
It is also unclear if Evolution Metals is the same company with which Welsbach Metals touted an LOI back last September ahead of an extension vote. The target was not named at that time, but the SPAC got through the vote with 71.8% redemptions to date, leaving about $23.4 million in its trust. It now has until June 30, 2024 to complete a deal.
Welsbach previously announced a definitive agreement with battery-maker WaveTech in November 2022 at a $228 million enterprise value, but the parties terminated the combination seven months later.
Because there is no guarantee that this LOI will advance to a definitive agreement, Welsbach Technology Metals will remain in SPACInsider‘s “Searching” column for now.
At the SPAC of Dawn Following Wednesday’s positive CPI readings, the market is set to ingest both new jobless claims and Core PPI inflation numbers at 8:30 am ET. It might take a particularly rosy result to offset the many factors of market volatility recent. One new one got added to the bingo card this...
One of the eternal questions surrounding SPACs has been their ability or inability to match the opportunity and the performance of the traditional IPO route, and it has become received wisdom on Wall Street that SPACs don’t match up. This is ostensibly born out in in the aggregate statistics that are frequently cited. But, downside...
At the SPAC of Dawn Despite the specter of recession looming, many of the hot technology sectors that SPACs favored during the boom times appear to be coming back on the menu. Ares II (NYSE:AACT) is reportedly angling to lock down a deal with an autonomous trucking firm. Northern Genesis II and Reinvent Y each...
Cantor Equity Partners II (NASDAQ:CEPT) filed another warrantless SPAC showing that the firm will not be slowing down despite Cantor CEO Howard Lutnick moving his attentions to the administration. The new $200 million SPAC would join Cantor Equity Partners I (NASDAQ:CEPO), which became the first SPAC to IPO this year and Cantor Equity Partners (NASDAQ:CEP),...
At the SPAC of Dawn US market futures continue to be flash dark red after a major down day saw SPAC-favorite exchange Nasdaq lose about -4% of its value leaving it running down -9.5% on the year. The sudden downturn has been somewhat personal for the administration as Trump Media (NASDAQ:DJT) itself fell about -11.5%...