Baltic I Acquisition Corp. (TSXV:BLTC.P) entered into a letter of intent to acquire Enigma Holding AG on February 11, 2021. The shareholders of Enigma will receive Baltic shares in exchange for their shares in Enigma at a ratio to be determined in conjunction with the Enigma financing. Prior to the closing of the transaction, Enigma intends to conduct a private placement of up to CAD 20 million, pursuant to which Enigma will issue either shares in Enigma or subscription receipts which will convert automatically into shares of Baltic at the exchange ratio upon satisfaction of specified release conditions and closing of the transaction. The transaction is subject to a number of conditions precedent, including but not limited to, due diligence, the negotiation and execution of definitive documentation, and the approval of the TSX Venture Exchange. Baltic and Enigma intend to make an application to the TSXV for a waiver from sponsorship requirements in the absence of an available exemption from the sponsorship requirements. The transaction is expected to be completed on or before May 31, 2021. Baltic I Acquisition Corp. (TSXV:BLTC.P) cancelled the acquisition of Enigma Holding AG on May 13, 2021.