SPAC XFLH Signs LOI to Merge with Canadian Biotech Renogen Biolab
XFLH is trading near its 52-week low of $9.7 (3.7% above the low) on light trading volume (0.2× avg).
Summary
XFLH Capital Corp, a SPAC with $101M in trust, has signed a non-binding letter of intent to merge with Renogen Biolab Inc., a Canadian health service provider specializing in DNA services, vector engineering, and protein expression. The LOI is non-binding and subject to due diligence and negotiation of definitive agreements. This is the first concrete business combination target announced by XFLH, which has been searching since its IPO. The deal would take the company into the life sciences sector. Investors should note that the LOI is non-binding and may not result in a completed merger.
At the time of this announcement, XFLH was trading at $10.06 on NYSE in the Life Sciences sector, with a market capitalization of approximately $173.8M. The 52-week trading range was $9.70 to $10.23. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.