W Straits Limited and Global Lights Acquisition Corp. Announce Letter of Intent for a Business Combination

November 22, 2024

NEW YORK, Nov. 22, 2024 /PRNewswire/ — W Straits Limited (“W Straits”), a prominent international fintech company, and Global Lights Acquisition Corp. (“GLAC”) (NASDAQ: GLAC, GLACR, GLACU), a special purpose acquisition company listed on The Nasdaq Stock Market LLC, have announced the signing of a non-binding letter of intent to explore a potential business combination.

Under the proposed terms outlined in the letter of intent, W Straits and GLAC would merge into a single entity, with existing shareholders of W Straits exchanging their shares for equity in the newly combined public company. Both parties anticipate finalizing a definitive business combination agreement in the coming weeks, with further details to be shared once finalized.

The completion of this business combination is contingent upon several conditions, including the successful completion of due diligence, the negotiation and execution of a definitive agreement, fulfillment of stipulated conditions, and the approval of the transaction by the boards and shareholders of both W Straits and GLAC. There is no guarantee that a definitive agreement will be reached or that the proposed merger will occur under the currently envisioned terms or timeline.

About W Straits

W Straits Ltd, headquartered in Malaysia, is a leading international fintech company specializing in mergers, acquisitions, and sectoral restructuring for smart eco-cities. The company focuses on optimizing and integrating key sectors such as the financial industry ecosystem, healthcare, real estate development, and energy to support the sustainable development of smart eco-cities.

About Global Lights Acquisition Corp.

GLAC, incorporated in the Cayman Islands, is a blank check company established to pursue mergers, acquisitions, or similar business combinations with one or more entities. While GLAC is open to targets across various industries and geographies, it prioritizes businesses advancing sustainable development, environmentally sound infrastructure, and industrial solutions that mitigate greenhouse gas emissions or enhance resilience to climate change.