Human Longevity, Inc. entered into a non-binding letter of intent to acquire Freedom Acquisition I Corp. from Freedom Acquisition I LLC, Tidjane Thiam, Adam Gishen, Edward Zeng and others.

Human Longevity, Inc. entered into a non-binding letter of intent to acquire Freedom Acquisition I Corp. (NYSE:FACT) from Freedom Acquisition I LLC, Tidjane Thiam, Adam Gishen, Edward Zeng and others on June 20, 2022. The Letter of Intent provides for the new public company to receive $345 million from Freedom's trust account, assuming no Freedom shareholders exercise redemption rights.

Transaction values combined company at approximately $1 billion, providing HLI with funding to pursue growth and technology innovation. As part of the merger, HLI becoming a publicly listed company. Upon the closing of the transaction, the combined company would be expected to remain listed on the New York Stock Exchange under a new ticker symbol.

Post-acquisition, Strategic owner Freedom Acquisition I, led by Tidjane Thiam, Adam Gishen, and Edward Zeng to retain significant stake. Freedom is led by Executive Chairman, Tidjane Thiam will join the Board of HLI following close of the transaction. Completion of the proposed transaction is subject to, among other matters, the completion of due diligence, the negotiation and execution of a definitive business combination agreement (the “Business Combination Agreement”), approval by Freedom's and HLI's boards of directors, satisfaction of the conditions negotiated in the proposed Business Combination Agreement and approval of the proposed transaction by Freedom's shareholders and satisfaction of customary conditions.

Anticipated transaction signing by third quarter of 2022. Assuming Freedom and HLI enter into the proposed Business Combination Agreement, the parties currently expect to seek approval from Freedom's shareholders by the first quarter of 2023. The transaction is expected to close by first quarter of 2023.