Blacboxstocks enters letter of intent to merge with Evtec Group

Blackboxstocks announced that it has entered into a letter of intent to merge with Evtec Group, Evtec Aluminium and Evtec Automotive. Evtec is a supplier of proprietary parts for luxury, performance, and electric vehicle brands including Jaguar Land Rover, Aston Martin, and Ford, among many others. Evtec targets and acquires supply chain assets at distressed valuations with order books from 2024 to 2032 for mostly single sourced parts. Evtec is led by David Roberts, a 40-year veteran of the global automotive market who also serves as a UK Export Ambassador and is backed by a team of executives. Evtec has order demand in its pipeline with approximately $500M in existing orders scheduled for delivery from 2024 through 2032. The letter of intent is non-binding with the exception of a break-up fee of $500,000 if either party terminates the transaction prior to April 29 or the execution of a binding letter of intent or a definitive agreement. Closing of the transaction is also conditioned upon customary closing conditions including but not limited to regulatory, lender and stockholder approval.