US Bitcoin miner PrimeBlock goes public on the Nasdaq exchange. The company has signed a merger agreement that will be worth $1.25 billion, including debt.
Its official name is Prime Blockchain Inc. The company secured $300 million in equity financing from a subsidiary of Cantor Fitzgerald & Co. for the deal. The merger of PrimeBlock and 10X Capital Venture Acquisition Corp II is expected to be completed in the second half of this year. The combined company will be headed by PrimeBlock CEO Gaurav Budhrani.
Bitcoin Miner PrimeBlock Will Be Listed On Nasdaq This Year
PrimeBlock will be listed on the Nasdaq upon completion of the merger. The company's decision to go public comes at a time when mergers with special-purpose buyout companies are slowing.
The US Securities and Exchange Commission (SEC) recently announced a new draft rule. The SEC has asked special purpose acquisition companies to disclose more details about their sponsors, compensation, conflicts of interest. The agency required such companies to share the dilution in order to prevent them from posting overly optimistic earnings projections. It has also added crypto assets to its priorities for the SEC 2022 exams. The institution asked its auditors to evaluate crypto sales, advice, referrals, and trading.