Andretti Acquisition Corp. Announces Letter of Intent for a Business Combination with a Generative AI Software Company

By Business Wire On Jul 11, 2023

Andretti Acquisition Corp. a publicly traded special purpose acquisition company, announced that it has signed a non-binding letter of intent (“LOI”) for a proposed business combination (the “Combination”) with a generative AI software company (the “Company”) that would result in a public listing of the Company upon completion of the proposed Combination.

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“The global market for AI and machine learning software is massive and rapidly expanding”

“The global market for AI and machine learning software is massive and rapidly expanding,” commented Michael Andretti, Co-Chief Executive Officer of Andretti Acquisition Corp. “In our search for a target, we have found that it is important to partner with an entity that is pushing the boundaries of technology. Generative AI technology has, we believe, transformative applicability across a wide variety of industries, including chemicals, pharmaceuticals, aerospace, finance and even motorsports, where we have seen the edge it can provide in crafting and continuously altering race strategy on any given racing weekend and in the simulator.”

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Andretti Acquisition Corp. expects to announce additional details regarding the Combination when a definitive Business Combination Agreement is executed, which is expected in the third quarter of 2023.

Andretti Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses or entities. Two key members of the management team are racing legends Mario and Michael Andretti.

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