SPAC Clean Energy Special Situations announced it has signed a non-binding letter-of-intent for a business combination with an iGaming technology platform.
The target provides B2B iGaming technology platforms and solutions to global gaming operators (B2C) and is seeking to grow organically and via acquisitions as more countries regulate various forms of iGaming. The target’s technology platforms include digital solutions for global iGaming operators offering sportsbook, casino games, poker, lottery products and fantasy offerings. The target recorded unaudited 2023 revenues of greater than 70 million euros and is said to be expecting “significant” growth in 2024 and 2025.
The target has no B2C gaming or wagering activities itself and focuses on providing technology solutions to B2C iGaming operators globally. The company believes it can add significant value to the Target’s global growth ambitions organically and via an M&A strategy.
Under the terms of the LOI, the target’s existing shareholders would roll 100% of their equity into the combined public company. The SPAC expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed, which is expected by early Q3.
Clean Energy also disclosed that its securities will be suspended from the Nasdaq effective tomorrow, and common stock, units, and warrants will list OTC under the ticker symbols SWSS, SWSSU and SWSSW.
Formerly known as Springwater Special Situations, the SPAC in February 2023 lost more than 88% of its trust (nearly $156 million) to redemptions on an earlier extension vote. Another round of redenmptions last August removed nearly $3.4 million more from the trust.
Springwater raised $150 million in an August 2021 IPO. Read more.
