GigInternational1 and Convalt Energy today announced that they have entered into a non-binding term sheet, with the goal of completing a business combination. Convalt manufactures solar panels, operates power generating facilities and provides engineering & construction services for renewal energy projects.
The press release offered nary a whiff of potential deal details. The SPAC, the seventh launched by Dr. Avi Katz, raised $200 million in a May 2021 IPO.
Shareholders last week approved a six-month extension on the SPAC’s merger deadline. The SPAC’s sponsor in return deposited $200,000 (5 cents a share) into the trust account for the first month of the extension period. Read more.
