East Resources Acquisition Company (ERES) Announces LOI

East Resources Acquisition Company (NASDAQ:ERES) announced this afternoon that it has signed a non-binding letter of intent (LOI) to combine with a vertically integrated alternative asset manager.

The SPAC did not provide a name of the asset manager, but noted that the target specializes in insurance products, with a focus on origination, asset management, valuation and servicing. Additionally, the target’s existing equity holders will be rolling over 100% of their equity into the combined public company. Little else is disclosed in the press release regarding the target or the transaction, but East Resources expects to announce further information once the agreement is executed, which is expected to occur later in the third quarter of 2022.

This LOI comes just days before its extension shareholder meeting on July 25, 2022 to extend its transaction deadline to January 27, 2023. East Resources likely hopes that the prospect of a specific deal waiting in the wings will keep a few more shareholders around at its vote to at least see and hear more. But, since this deal is not at the “definitive agreement” stage, and just a non-binding LOI, SPACInsider will not considered this deal “announced”. As such, it will remain in the “Searching” category until a definitive agreement is announced.

The SPAC originally raised $300 million at IPO on July 23, 2020 and aims to focus on companies in the energy industry in North America. East Resources is led by Terrence (Terry) M. Pegula, as Chairman, Chief Executive Officer and President.