Tristar Acquisition I Corp. (TRIS) Announces LOI, Extends Deadline
Tristar Acquisition I Corp. (NYSE:TRIS) announced in an 8-K this morning that it has entered into a non-binding letter of intent (LOI) to combine with an unnamed target company.
As per the terms of its prospectus, Tristar I may now automatically extend its transaction deadline by three months from April 18 to July 18 by dint of having the LOI in hand. There is still no guarantee that this LOI will develop into a definitive agreement.
The SPAC may still need to seek an extension by vote to complete a deal as transactions closing in 2023 have so far taken on average more than eight months to get from announcement to close. That’s only counting the distance from from definitive agreement to completion, as well.
Until then, Tristar I has tipped very little information about its target aside from stating that the SPAC has had discussions with it over an extended period of time and it meets Tristar I’s criteria and guidelines. According to its S-1, Tristar I has been searching for telecom and technology targets that have “a need for business optimization and high-return investment opportunities” since its October 2021 IPO.
It is led by CEO and Chairman William M. Mounger II, COO Cathy Martine-Dolecki, and CFO Timothy Dawson.