AXIOS Sustainable Growth (NYSE:AXAC) announced that it has signed a non-binding letter of intent with a European farming target, as it secured an extension vote.
The target company in question is supposedly one of Europe’s largest and most sustainable farming companies with about 18,000 hectares (45,000 acres) of agricultural land. AXIOS asserts that it is profitable with double-digit returns.
The SPAC’s press release drops further hints that the target is among the top 20 producers of agricultural commodities and plant-based proteins in Europe, but does not name its crops.
The timing of this announcement is curious as AXIOS also announced today that it secured an extension of its transaction deadline to May 18 at a February 14 special meeting and teams frequently prefer to drop vague news about LOIs before its shareholders make their redemption decisions.
AXIOS noted that it has secured $50 million in funding from existing AXIOS sponsors and strategic partners for the deal, but this is also naturally at a non-binding stage as well, for now. Nonetheless, if it has done the early work for a PIPE, this could indicate that the agreement is more than a mere teaser.
The SPAC did not disclose redemption figures in connection with the vote, nor has it yet announced it has extended the deadline at which redemptions would be final.
Earlier this month, AXIOS announced it had come to non-redemption agreements with investors holding an aggregate of 400,000 shares.
The SPAC noted it expects to announce additional details about the transaction if it were to progress to a definitive agreement, which is expected to occur in the second quarter of this year. Under that timeline, AXIOS will soon be scheduling another extension vote if it hopes to see this deal through to completion.
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: DWAC rises in wake of Trump’s indictment, Senator Kennedy introduces SPAC Act to protect investors, and Abacus Life appoints new managing director DWAC rises in wake of Donald Trump’s indictment Shares of Digital World...
Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to once again adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 13. The SPAC has been using these additional days to further engage with its shareholders and its ballot includes measures...
Latest SPAC Liquidations: JAWS Juggernaut Acquisition Corp., Talon 1 Acquisition Corp. JAWS Juggernaut Acquisition Corporation (JUGG) to Liquidate on June 22 JAWS Juggernaut Acquisition Corporation (Nasdaq: JUGG) today announced that its board of directors has determined not to proceed with a proposal to extend its corporate existence. As such, the Board has determined to cancel the...
Rice II (NYSE: RONI) announced today that it has completed its combination with energy technology company NET Power. The deal was originally approved by shareholders at a special meeting yesterday with relatively low redemptions. A total of 21,195,224 shares were redeemed in connection to the vote, removing 61% of Rice II’s trust. NET Power is to...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: BlackSly and Momentus win contracts, Terran Orbital’s CAPSTONE completes primary mission, and Richard Branson puts himself and Virgin brand on trial BlackSky and Momentus Win Contracts Momentus (NASDAQ:MNTS) has won a contract with Apogeo...