Banner Acquisition Corp. (NASDAQ: BNNR) this afternoon announced that it has entered into multiple non-binding letters of intent (LOI) with target companies in the property services sector.
The SPAC did not disclose exactly how many targets will be a part of this possible merger, but it intends to continue seeking additional acquisition targets that provide services in similar areas such as cleaning, HVAC, plumbing, landscaping, pest control, and residential solar.
Although Banner was originally facing a completion deadline of March 11, having a signed LOI automatically adds an additional three months to the SPAC’s timeline, and it will now have until June 10 to complete a business combination.
It announced the pricing of its $150 million IPO in September 2021 and initially set out to seek a partnership with family-owned or founder-led businesses with tenured management teams.
Through this possible merger, the SPAC hopes to create a new publicly traded platform focused on property services.
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