Blankcheck company Goldenstone Acquisition Ltd said late Tuesday that it had signed a deal with blockchain-based settlement company Roxe Holding Inc to open to the public for a total corporate value of about $ 3.6 billion.
The transaction goes against the unfavorable market environment, where the value of cryptocurrencies plummets and investors lose significant interest in this type of special purpose acquisition company (SPAC).
Reuters had previously reported on the deal, citing people familiar with the matter. None of Roxe’s investors plan to sell their shares, according to sources.
In a statement, Mr. Goldenstone said that Rocks shareholders would incorporate 100% of their shares into the merged company and that certain shareholders would have the right to acquire additional shares in the merged entity if certain share price targets were met. Said there is.
Goldenstone raised just $ 57.5 million in its initial public offering in March this year. This is slightly above the value of the transaction.
Founded in 2019, Roxe connects banks, payment companies and remittance companies and facilitates cross-border payments using private blockchain tokens. We do not use cryptocurrencies whose market value fluctuates.
Bitcoin fell below $ 20,000 on June 18 for the first time since December 2020. This year it plummeted by about 60%. The overall crypto market has fallen from a record $ 3 trillion in November to about $ 900 billion.
This is the second SPAC merger this year after Roxe founder Haohan Xu agreed to open the crypto exchange Apifiny on a $ 530 million transaction earlier this year.
According to Dealogic data, about 600 SPACs published in the last two years are still trying to close the deal. In just over six months by 2022, 26 SPAC mergers have been completed in the United States, according to data from industry tracker Spac Research. This will be compared to 18 for 2021 as a whole and 7 for 2020.
Upon completion of the transaction, Goldenstone will be renamed to Roxe Holding Group Inc and listed on Nasdaq.
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