Pearl Holdings (NASDAQ:PRLH) announced in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with a target, but included no other details on the company.
The LOI allows Pearl to automatically extend its transaction deadline to September 17 and it may do so one more time to December 17. If this target matches with the criteria Pearl had in mind when it IPO’d, then it is likely in the domain of lifestyle, healthcare or wellness.
In particular, Pearl initially sought to find a high-growth branded consumer or medical firm in these areas. Pearl is led by CEO and Chairman Craig Barnett, who also serves as the CEO of Meadow Lane alongside Martin Lewis, who comes from boutique advisory firm Grower Advisors. The SPAC’s Board is made up of directors with experience in fashion, healthcare, marketing and pet products.
Because there is no guarantee that this LOI will be completed, Pearl will remain in SPACInsider’s “Searching” column until a definitive agreement is signed.
FG Merger III Corp. filed for a $150 million IPO yesterday afternoon, marking the third SPAC to file on Wednesday. Similar to Blue Room (NASDAQ:IBLUU), which filed its $200 million IPO yesterday morning, FG Merger III intends to focus its search for a target business in the financial services industry in North America. Notably, FG...
10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) announced that it has completed its business combination with African Agriculture after shareholders approved the deal at a special meeting held on December 5. In connection with the meeting, 10X II received redemption requests for 1,857,033 Class A ordinary shares, representing 98.7% in aggregate redemptions since 10X II’s...
At the SPAC of Dawn The latter half of 2023 has largely told a story of retrenchment in the SPAC market as much of the excess in the domain has found itself terminating and liquidating. But, the increase in outgoing has not completely canceled out the boom in incoming as three new SPACs filed to...
TechyBird Acquisition Corp. (NASDAQ:TKBD) filed for a $60 million IPO today, putting it in line to become the second 2023 IPO from an underwriter that is relatively new to the SPAC space. That underwriter, Spartan Capital Securities, brought Aimei Health Technology (NASDAQ:AFJK) to market last week with similar terms as this new member to its...
Blue Room Acquisition Corp. (NASDAQ:IBLUU) submitted its S-1 filing this morning for a $200 million IPO. The new SPAC has set its sights on targets in the financial sector, ranging in market value between $250 million and $500 million, and primarily situated in the U.S. Its primary objective is to identify an innovative company leveraging...