Avila Energy signed a preliminary non-binding letter of intent with Insight Acquisition in a transaction that assumes an enterprise value of the combined company of $185.28 million.
The parties have agreed to negotiate the terms of a deal on an exclusive basis through Feb. 24, at which point the SPAC may extend the terms for an additional 15 calendar days. The parties may also further extend the term by mutual agreement.
Avila is engaged in oil and natural gas production, pipelines and facilities, and is a licensed producer, explorer, and developer of energy in Canada.
Insight Acquisition raised $240 million in a September 2021 IPO with plans at that time to focus on businesses in the fintech or financial services industry with an enterprise value of approximately $750 million to $1.5 billion.
The New York Stock Exchange delisted the SPACs warrants earlier this month due to abnormally low price levels. Read more.
Source: Insight Acquisition Signs LOI with Avila Energy