FTAC Emerald Acquisition in an 8-K filing said that it entered into a non-binding letter of intent for a business combination with an unnamed target.
The SPAC this week said its shareholder meeting set for Jan. 16 to vote on an extension has been pushed to Jan. 19 at 11 a.m. Eastern.
FTAC had faced an original termination deadline in June 2023, but just before it was due to expire the SPAC announced it had signed a letter of intent for a deal with an unnamed target. That automatically extended the runway to Sept. 20. Another extension vote followed, pushing the deadline to the current Jan. 19 termination date, although no further details ever materialized on that first LOI.
Led by SPAC veteran Betsy Cohen, FTAC Emerald said last week it plans to secure non-redemption agreements ahead of the extension vote. If approved, the SPAC’s new deadline would be Dec. 20.
FTAC Emerald raised $220 million in a December 2021 IPO to focus on sustainable businesses. The SPAC lost 34% of its shares to redemptions on the last extension vote in September. Read more.
