Global Lights Acquisition (GLAC) and W Straits said Friday they have signed a non-binding letter of intent for a potential business combination.

Under the terms of the letter of intent, the companies said they would become a combined entity and W Straits' shareholders would exchange their shares in W Straits for equity in the combined public company.

The companies expect to complete a definitive merger agreement in the "coming weeks."

There's no assurance that a definitive agreement will be signed or that the planned merger will materialize, the companies said.

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