Wyoming Rare Inc. entered into a letter of intent to acquire Papaya Growth Opportunity Corp. I from Papaya Growth Opportunity I Sponsor LLC for approximately $400 million in a reverse merger transaction.

Wyoming Rare (USA) Inc. entered into a letter of intent to acquire Papaya Growth Opportunity Corp. I (NasdaqGM:PPYA) from Papaya Growth Opportunity I Sponsor LLC for approximately $400 million in a reverse merger transaction on April 26, 2024. The transaction is subject to due diligence.

SPAC shall have at least $5,000,001 of net tangible assets remaining after giving effect to any redemptions. The transaction is subject to the approval of both acquirer's and target's board and shareholders. The transaction is subject to the regulatory approvals.

The Form S-4 registration statement relating to the Transaction shall have been declared effective by the SEC and remain effective as of the Closing, with no stop order or similar order in effect with respect thereto. The transaction is subject to the approval from SPAC's creditors.