Chavant Capital Acquisition in a regulatory filing disclosed it has signed a non-binding Letter of Intent with a U.S.-based technology company. The target is developing advanced connectivity solutions with high bandwidth and low latency, targeting customers in the infrastructure, consumer electronics, satellite, automotive and other sectors, according to the filing, and the SPAC believes that the target holds attractive intellectual property.
Chavant in June said it will ask shareholders to vote on a proposed merger deadline extension from July 22 until Jan. 22 next year. A vote date has not yet been published.
The SPAC raised $80 million in a July 2021 IPO. Read more.
