Churchill Capital V today announced that its letter of intent signed almost three months ago is with Sustainable Living Innovations, a building-technology company and provider of patented panelized building systems for the multifamily residential market. No financial details were revealed about the potention acquisition.
The SPAC has called a March 14 meeting for stockholders to vote on a proposal to extend the merger deadline from March 18 to Dec. 18.
Churchill V’s sponsor has agreed to deposit $250,000 into trust for each month required under the extension, if approved.
The SPAC also said no portion of the trust would be used for potential excise tax liabilities.
Churchill V raised $450 million in a December 2020 IPO. Read more.
