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Global Lights Acquisition Corp (GLACU) is a special purpose acquisition company (SPAC) whose units were listed on the Nasdaq Global Market under the ticker symbol GLACU. The company is incorporated in the Cayman Islands and was formed as a blank check company for the purpose of pursuing a business combination with one or more operating businesses or entities.

According to its public disclosures, Global Lights Acquisition Corp was created to acquire, engage in a share exchange, share reconstruction and amalgamation with, purchase all or substantially all of the assets of, enter into contractual arrangements with, or engage in any other similar business combination with one or more businesses or entities. While it may evaluate targets in any business, industry or geography, the company has stated an intention to focus its search on a target that provides solutions promoting sustainable development and that focuses on environmentally sound infrastructure and industrial applications that eliminate or mitigate greenhouse gas emissions and/or enhance resilience to climate change.

The units of Global Lights Acquisition Corp, each consisting of one ordinary share and one right, were priced in an initial public offering and began trading on Nasdaq under the symbol GLACU. Following the separation of the components, the ordinary shares and rights were expected to trade under the symbols GLAC and GLACR, respectively. The company’s securities were listed on The Nasdaq Stock Market LLC until a Form 25 was filed to remove its ordinary shares, units and rights from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934.

Global Lights Acquisition Corp’s principal executive offices are located in Beijing, China, as reflected in its SEC filings. The company’s structure and stated focus align with the typical SPAC model, where capital raised in an initial public offering is intended to be used to complete a future business combination, subject to due diligence, negotiation of definitive agreements, and approvals by relevant boards and shareholders.

In its public communications, Global Lights Acquisition Corp has highlighted an interest in targets that promote sustainable development and environmentally sound infrastructure. This focus includes industrial applications designed to eliminate or mitigate greenhouse gas emissions or improve resilience to climate change, positioning the SPAC to seek opportunities in sectors aligned with environmental and climate-related objectives.

Global Lights Acquisition Corp has also announced a non-binding letter of intent and ongoing negotiations with W Straits Limited, an international fintech company based in Malaysia, regarding a potential business combination. The parties have stated that completion of any proposed transaction would be subject to due diligence, the negotiation and execution of a definitive agreement, satisfaction of agreed conditions, and approvals by the boards and shareholders of both entities. They have also cautioned that there can be no assurance that a definitive agreement will be entered into or that any proposed business combination will be consummated.

Business Purpose and Strategy

GLACU’s core purpose is to identify and complete a business combination with an operating company. Its stated strategic focus is on businesses that contribute to sustainable development, particularly those involved in environmentally sound infrastructure and industrial applications that address greenhouse gas emissions or climate resilience. This orientation provides a thematic lens for evaluating potential targets, even though the SPAC is not limited to a single sector or geography.

The company’s structure as a blank check entity means that, prior to any completed business combination, it does not have traditional operating activities. Instead, its activities center on capital raising, target identification, evaluation, negotiation, and regulatory and shareholder processes associated with a potential merger or similar transaction.

Listing and Delisting

Global Lights Acquisition Corp’s units, ordinary shares and rights were listed on The Nasdaq Stock Market LLC. A Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) was filed for the company’s ordinary shares, units and rights, with Nasdaq certifying that it had complied with its rules to strike the classes of securities from listing and/or withdraw registration on the exchange. This filing indicates that these securities have been removed from listing on Nasdaq under the applicable SEC rules.

Relationship with W Straits Limited

Global Lights Acquisition Corp has publicly disclosed a non-binding letter of intent with W Straits Limited and an update on negotiations toward a potential definitive agreement for a business combination. W Straits is described as an international fintech company based in Malaysia, specializing in mergers, acquisitions and restructuring of key sectors in smart eco-cities, including financial, health, real estate development and energy industry ecosystems. The parties have noted that they are working toward finalizing and executing a definitive business combination agreement, but have emphasized that there is no assurance that such an agreement will be entered into or that any transaction will be completed.

SPAC Structure and Investor Considerations

As a SPAC, Global Lights Acquisition Corp’s value proposition to investors is tied to its ability to identify and complete a suitable business combination. Its disclosures underscore that any proposed transaction is subject to multiple conditions, including due diligence and shareholder approval, and that no offer or recommendation regarding securities is made through its press releases. Regulatory filings, including any future registration statements and proxy statements/prospectuses related to a proposed business combination, are expected to provide detailed information for shareholders.

FAQs about Global Lights Acquisition Corp (GLACU)

• What is Global Lights Acquisition Corp (GLACU)?
  Global Lights Acquisition Corp is a blank check company incorporated in the Cayman Islands for the purpose of completing a business combination with one or more businesses or entities. Its units, ordinary shares and rights have been listed on The Nasdaq Stock Market LLC.
• What sector and industry does GLACU belong to?
  GLACU is categorized as a blank check company, commonly referred to as a SPAC. Its stated focus is on targets that promote sustainable development and environmentally sound infrastructure and industrial applications.
• What is the business objective of GLACU?
  The company’s objective is to acquire or combine with one or more businesses or entities through transactions such as share exchanges, share reconstructions, amalgamations, asset purchases or similar business combinations, with an emphasis on targets aligned with sustainable development and climate-related goals.
• Where is Global Lights Acquisition Corp incorporated and where are its principal offices located?
  Global Lights Acquisition Corp is incorporated in the Cayman Islands. Its SEC filings list its principal executive offices in Beijing, China.
• What does it mean that GLACU is a blank check company?
  Being a blank check company means that GLACU was formed to raise capital in an initial public offering with the intention of later using those funds to complete a business combination with an operating business, rather than operating an existing business at the time of the offering.
• What was listed under the ticker symbol GLACU?
  The ticker symbol GLACU represented units of Global Lights Acquisition Corp on the Nasdaq Global Market. Each unit consisted of one ordinary share and one right, with each right entitling the holder to receive a fraction of an ordinary share upon consummation of an initial business combination.
• Has GLACU entered into a business combination?
  Global Lights Acquisition Corp has announced a non-binding letter of intent and ongoing negotiations with W Straits Limited regarding a potential business combination. However, the parties have stated that there can be no assurance that a definitive agreement will be entered into or that any proposed business combination will be consummated.
• What is the significance of the Form 25 filing for Global Lights Acquisition Corp?
  The Form 25 filing indicates that Nasdaq has taken action to remove Global Lights Acquisition Corp’s ordinary shares, units and rights from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934, meaning these securities are no longer listed on The Nasdaq Stock Market LLC.
• Does GLACU focus on any particular type of target company?
  While GLACU may pursue a target in any business, industry or geography, it has stated an intention to focus on targets that provide solutions promoting sustainable development and that emphasize environmentally sound infrastructure and industrial applications related to greenhouse gas emissions and climate resilience.
• How can investors learn more about GLACU’s potential business combination?
  The company has indicated that if a legally binding definitive agreement is executed, it intends to file a registration statement on Form S-4 or F-4 with the SEC, including a proxy statement/prospectus. Shareholders would be able to review these documents through the SEC’s website and other channels described in the company’s press releases.