SCVX announced it has entered into a non-binding letter of intent for a business combination. “The target company is a pioneer in the Environmental, Social, and Governance (ESG) space,” the SPAC said in a news release.
Last month SCVX and manufacturing company Bright Machines called it quits on their planned merger. The decision was mutual, the companies said at the time. Both cited “the low likelihood” of closing the deal prior to a Jan. 15 “outside date” in the merger agreement, as well as current market conditions.
Under the terms of the new LOI, following a merger with SCVX the target company’s existing shareholders would roll 100% of their equity into the combined public company.
SCVX is holding about $230 million in trust.
In connection with executing the LOI, SCVX and the target company have secured initial non-binding investment indications of approximately $75 million in total from an institutional investor and certain strategic partners. Firm commitments from those investors, as well as any other investors, would be announced concurrently with the signing of a definitive agreement. Read more.
