LOI is similar to HOA or JV infact. Depending on how the LOI was written, it may be viewed as binding by some courts. They all relate to intent or agreement.
You can pull out of anything, just need to know what the consequences/obligations are.
On a side note - hypothetical: I wouldn't release an announcement mentioning an intent to do business with a NASDAQ company if I didn't think it would proceed. But then again, I'm not running the show.
TV2U Signs LOI with Akamai Technologies, page-187
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