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In this paper we study the small-$λ$ spectral asymptotics of an integral operator $\mathscr{K}$ defined on two multi-intervals $J$ and $E$, when the multi-intervals touch each other (but their interiors are disjoint). The operator $\mathscr{K}$ is closely related to the multi-interval Finite Hilbert Transform (FHT). This case can be viewed as a singular limit of self-adjoint Hilbert-Schmidt integral operators with so-called integrable kernels, where the limiting operator is still bounded, but has a continuous spectral component. The regular case when $\text{dist}(J,E)>0$, and $\mathscr{K}$ is of the Hilbert-Schmidt class, was studied in an earlier paper by the authors. The main assumption in this paper is that $U=J\cup E$ is a single interval. We show that the eigenvalues of $\mathscr{K}$, if they exist, do not accumulate at $λ=0$. Combined with the results in an earlier paper by the authors, this implies that $H_p$, the subspace of discontinuity (the span of all eigenfunctions) of $\mathscr{K}$, is finite dimensional and consists of functions that are smooth in the interiors of $J$ and $E$. We also obtain an approximation to the kernel of the unitary transformation that diagonalizes $\mathscr{K}$, and obtain a precise estimate of the exponential instability of inverting $\mathscr{K}$. Our work is based on the method of Riemann-Hilbert problem and the nonlinear steepest-descent method of Deift and Zhou.