NEW
YORK, Nov. 22, 2024 /PRNewswire/ -- W Straits
Limited ("W Straits"), a leading international fintech company, and
Global Lights Acquisition Corp. ("GLAC") (NASDAQ: GLAC, GLACR and
GLACU), a special purpose acquisition company whose securities are
currently listed on The Nasdaq Stock Market LLC, today announced
the signing of a non-binding letter of intent for a potential
business combination.
Under the terms of the non-binding letter of intent, W Straits
and GLAC would become a combined entity, with W Straits' existing
shareholders exchanging their shares in W Straits for equity in the
combined public company. W Straits and GLAC expect to finalize a
definitive business combination agreement in the coming weeks and
plan to announce additional details at that time.
Completion of a business combination between W Straits and GLAC
is subject to, among other things, the completion of due diligence,
the negotiation of a definitive agreement providing for the
transaction, the satisfaction of the conditions negotiated therein,
and approval of the transaction by the board and shareholders of
both W Straits and GLAC. There can be no assurance that a
definitive agreement will be entered into or that the proposed
business combination will be consummated on the terms or timeframe
currently contemplated, or at all.
About W Straits
W Straits Ltd is a leading international fintech company based
in Malaysia, specializing in
mergers, acquisitions, and the restructuring of key sectors in
smart eco-cities. These sectors include the financial industry
ecosystem, the health industry ecosystem, real estate development,
and the energy industry. The company's vision is to achieve
sustainable development of smart eco-cities by integrating and
optimizing these sectors.
About Global Lights Acquisition Corp.
GLAC is a blank check company incorporated in the Cayman Islands for the purpose of acquiring,
engaging in a share exchange, share reconstruction and amalgamation
with, purchasing all or substantially all of the assets of,
entering into contractual arrangements with, or engaging in any
other similar business combination with one or more businesses or
entities.
While GLAC may pursue an acquisition or a business combination
target in any business, industry or geography, it intends to focus
its search on a target that provides solutions promoting
sustainable development and focuses on environmentally sound
infrastructure and industrial applications that eliminate or
mitigate greenhouse gas emissions, and/or enhance resilience to
climate change.
No Offer or Solicitation
This press release shall not constitute an offer to sell, or a
solicitation of an offer to buy, or a recommendation to purchase,
any securities in any jurisdiction, or the solicitation of any
vote, consent or approval in any jurisdiction in connection with
respect to the proposed business combination, nor shall there be
any sale, issuance or transfer of any securities in any
jurisdiction where, or to any person to whom, such offer,
solicitation or sale may be unlawful under the laws of such
jurisdiction. This press release does not constitute either advice
or a recommendation regarding any securities. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended, or an
exemption therefrom.
Additional Information and Where to Find It
If a legally binding definitive agreement with respect to the
proposed business combination is executed, the parties intend to
file with the U.S. Securities and Exchange Commission (the "SEC") a
registration statement on Form S-4 or F-4, which will include a
preliminary proxy statement/prospectus (the "Proxy
Statement/Prospectus"). The definitive Proxy Statement/Prospectus
would be mailed to GLAC's shareholders as of a record date to be
established for voting on the proposed business combination.
Shareholders will also be able to obtain copies of the Proxy
Statement/Prospectus, without charge, at the SEC's website at
www.sec.gov or by directing a request to: Global Lights Acquistion
Corp. Room 902, Unit 1, 8th Floor, Building 5, No. 201, Tangli
Road, Chaoyang District, Beijing
100123, the People's Republic of
China. GLAC urges investors, shareholders and other
interested persons to carefully read, when available, the
preliminary and definitive Proxy Statement/Prospectus as well as
other documents filed with the SEC in connection with the proposed
business combination as they become available because they will
contain important information about the proposed business
combination.
Forward-Looking Statements
The disclosure herein includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "project," "forecast,"
"predict," "potential," "seem," "seek," "future," "outlook," and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not
forward looking. These forward-looking statements include, but are
not limited to, the anticipated signing of a definitive business
combination agreement between W Straits and GLAC, the terms and
timing of the agreement, and the market for W Straits' products and
technology. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of W Straits' and GLAC's management teams and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict, are beyond the control of W Straits and
GLAC, and will differ from assumptions. These forward-looking
statements are subject to a number of risks and uncertainties, as
set forth in the section entitled "Risk Factors" in GLAC's Annual
Report for the year ended December 31,
2023, which was filed with the SEC on April 15, 2024, and in the other documents that
GLAC has filed, or will file, with the SEC. If any of these risks
materialize or our assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. The risks and uncertainties above are
not exhaustive, and there may be additional risks that neither W
Straits nor GLAC presently know or that W Straits and GLAC
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. Accordingly, undue reliance should not be placed upon
the forward-looking statements. While W Straits and GLAC may elect
to update these forward-looking statements, W Straits and GLAC
specifically disclaim any obligation to do so, except as required
by law.
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SOURCE Global Lights Acquisition Corp
