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.
In January 2025, SPAC teams continued extending beyond their third round, with one SPAC notably reaching its seventh extension vote as they searched for suitable deals. The month saw five announcements, marking the highest level in recent months, while only four SPACs held completion votes. Extension Votes In January, 14 extension votes were scheduled, representing...
At the SPAC of Dawn February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...
Terms Tracker for the Week Ending January 31, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. This past week saw three new SPAC IPOs price, bringing the January and year-to-date IPO count to eight and underlining an active start to 2025....
The shortest month of the year nonetheless features new liquidity events for nine SPAC sponsors and 10 de-SPACs that at least a trio of which can be excited about. The de-SPACs being released from lock-ups this month with most to gain will also in most cases be the ones that will have to wait until...
Fifth Era Acquisition Corp I (NASDAQ:FERAU) has filed for a $200 million SPAC to potentially make another run at a blockchain or crypto transaction after the team’s first attempt fell short of sealing a deal. The new SPAC is offering investors a right to a 1/10 share in each unit, but it is not overfunded...