Kneron, Inc. signed a letter of intent to acquire Spark I Acquisition Corporation (NasdaqGM:SPKL) in a reverse merger transaction on October 21, 2024. SPKL has also signed a non-binding letter-of-intent for a business combination with a company is in the hospitality software as a service/platform as a service space, though SPKL intends to prioritize its negotiations with Kneron. Under the terms of the LOI, SPKL and Kneron would become a combined entity, with Kneron?s existing equity holders rolling 100% of their equity into the combined public company.
Completion of a business combination with Kneron is subject to, among other matters, SPKL?s due diligence review and investigation of Kneron, the negotiation of a definitive agreement providing for the transaction, approval of the transaction by the board and shareholders of both SPKL and Kneron, and satisfaction of the conditions in the definitive agreement.
