Business
LF Capital Acquisition Corp. II Announces Letter of Intent for Business Combination
NEW YORK--(BUSINESS WIRE)-- LF Capital Acquisition Corp. II, a Delaware corporation (“LF II”) (NASDAQ:LFAC), announced today that it has entered into a
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[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nLF Capital Acquisition Corp. II, a Delaware corporation (“LF II”) (NASDAQ:LFAC), announced today that it has entered into a letter of intent (the “LOI”) with a target company (the “Target Company”) for a potential initial business combination (the “Business Combination”). The LOI is non-binding with respect to all its material terms, except with respect to provisions regarding a limited period of exclusivity. The Target Company is a US-based manufacturer in the packaging industry with industry-leading profitability serving diversified end markets and with an established and highly attractive, blue-chip customer base that are subject to multi-year contracts.\n\nUnder the terms of the LOI, LF II and the Target Company intend to enter into a definitive agreement pursuant to which LF II and the Target Company would combine, with the former equity holders of both entities (following the completion of the Business Combination) holding equity in the combined publicly listed company. The completion of the Business Combination is subject to the completion of due diligence to LF II’s satisfaction, the negotiation and execution of definitive documentation and satisfaction of the conditions contained therein, including (i) securing certain concurrent financing, (ii) completion of any required stock exchange and regulatory reviews and (iii) approval of the transaction by LF II’s stockholders and the Target Company’s stockholders. Accordingly, no assurances can be made by either party that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.\n\nAdditional Information and Where to Find It\n\nLF II has mailed to its stockholders of record as of January 13, 2023 a definitive proxy statement (the “Charter Amendment Proxy Statement”) for a special meeting of stockholders on February 15, 2023 to increase the monthly extension payments per one-month extension of the deadline to complete an initial business combination to $0.04 per share of LF II’s Class A common stock sold in LF II’s initial public offering. Stockholders may obtain a free copy of the Charter Amendment Proxy Statement, as well as other relevant documents that have been or will be filed with the United States Securiti...