LF Capital Acquisition Corp. II (LFAC) Provides Update Regarding Potential Business Combination

As previously announced, LF Capital Acquisition Corp. II, a Delaware corporation (“LF II”) (NASDAQ: LFAC), entered into a non-binding letter of intent (the “Letter of Intent”) to enter into a business combination (the “Business Combination”) with a private company (the “LOI Target”) that meets LF II’s acquisition criteria and business strategy in February 2023.

The LOI Target is a profitable US-based company in the packaging industry that serves customers in the spirits, beverage, beer and food industries. The LOI Target provides custom solutions to leading brands and has amassed a blue-chip customer base with long-term take-or-pay contracts. Additionally, the LOI Target has entered into supply agreements that provide greater predictability of EBITDA and free cash flow. Lastly, the LOI Target operates with state-of-the-art, flexible manufacturing capabilities, which provide it with differentiated flexibility to meet its customers’ needs.

LF II believes that a Business Combination with the LOI Target will help accelerate the LOI Target's growth and allow it to become a national leader in its industry.

LF II is currently seeking an amendment to its charter to provide for additional one-month extensions (until November 19, 2023) in order to extend the date by which LF II must consummate an initial business combination. Entering into the Business Combination or another business combination is subject to, among other matters, the negotiation of a definitive transaction agreement and SEC review of the proxy statement/prospectus to be filed in connection with obtaining approval of the transaction by LF II’s stockholders. If LF II is unable to complete an initial business combination by such extended date, LF II may be forced to liquidate.

You May Also Be Interested In

• Barnes & Noble Education (BNED) Adopts Short-Term Stockholder Rights Plan
• My Size (MYSZ) Announces 1:8 Reverse Share Split
• Inovio Pharma (INO) Prices $36M Share and Warrant Offering at $7.69/sh