Clean Energy Special Situations Corp. Sets Course for Business Combination with Leading iGaming Firm

New York, New York, June 07, 2024 (GLOBE NEWSWIRE)—Clean Energy Special Situations Corp., a forward-looking publicly traded special purpose acquisition company (SPAC), also known in the stock market under the ticker SWSS, today made a pivotal announcement that could significantly alter its strategic orientation. The SPAC has signed a non-binding letter of intent (LOI) to initiate a business combination with a trailblazing B2B iGaming technology platform company, a move that marks its foray into the booming digital gaming sector.

Details of the Proposed Business Combination

While the LOI is not a definitive contractual commitment, it sets a framework for the potential amalgamation, outlining the primary terms and conditions that will serve as a foundation for the subsequent negotiations. The target company, yet unnamed, is lauded as a top-tier provider of iGaming technology with a robust presence in the B2B segment. This initial step underscores the strategic intent of SWSS to diversify holdings and tap into an industry experiencing exponential growth, driven by digital innovation and global increases in online gaming activities.

Implications for SWSS Stakeholders

The proposed transaction reflects SWSS's continuous pursuit of unique investment opportunities that harbor the potential for value creation. Stakeholders of SWSS are tentatively observing the developments as industry analysts speculate on the possible synergetic outcomes that could stem from the business combination. The digital nature of the target company's operations insinuates a favorable alignment with SWSS's dedication to clean energy and environmentally sustainable practices. The intention to unite with a leading entity in the iGaming sector demonstrates SWSS's commitment to strategic adaptability and its vision for a landscape where clean energy and technology intersect.

Next Steps in the Acquisition Process

Following the announcement of the LOI, the subsequent steps involve due diligence and the negotiation of a definitive agreement that will cement the terms of the business combination. The completion of the transaction is subject to customary closing conditions, including regulatory approvals and the approval of SWSS shareholders. As these processes unfold, further details will emerge, providing a clearer view of the proposed amalgamation's structure and the potential impact on both the SPAC and the target company.

SPAC, iGaming, Technology