W Straits, an international fintech company, and Global Lights Acquisition (GLAC) Corp. announced the signing of a non-binding letter of intent for a potential business combination. Under the terms of the non-binding letter of intent, W Straits and GLAC would become a combined entity, with W Straits’ existing shareholders exchanging their shares in W Straits for equity in the combined public company. W Straits and GLAC expect to finalize a definitive business combination agreement in the coming weeks and plan to announce additional details at that time. Completion of a business combination between W Straits and GLAC is subject to, among other things, the completion of due diligence, the negotiation of a definitive agreement providing for the transaction, the satisfaction of the conditions negotiated therein, and approval of the transaction by the board and shareholders of both W Straits and GLAC. There can be no assurance that a definitive agreement will be entered into or that the proposed business combination will be consummated on the terms or timeframe currently contemplated, or at all.
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