Bitcoin miner Prime Blockchain terminates deal to go public through SPAC

Aug. 15, 2022 3:31 PM ET10X Capital Venture Acquisition Corp. II (VCXA)By: Joshua Fineman, SA News Editor

Bitcoin miners in large farm. ASIC mining equipment on stand racks mine cryptocurrency in steel container. Blockchain techology application specific integrated circuit datacenter. Server room lights

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  • Prime Blockchain and SPAC 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) terminated an agreement to take the bitcoin miner public.
  • On Friday, Prime Blockchain and 10X Capital Venture (VCXA) mutually terminated an agreement that was originally announced on March 31, according to an 8-K filing. 10X II intends to pursue a business combination with another target.
  • Prime Blockchain, a bitcoin miner and infrastructure company, agreed In late March to a deal to be taken public through a combination with VCXA. Upon close of the deal, the combined company was expected to have an enterprise value of $1.25 billion. The companies at the time secured a $300 million committed equity financing facility from an affiliate of Cantor Fitzgerald.
  • Prime Blockchain joins a growing number of companies who have terminated SPAC deals after the market for such transactions has plunged in the past year. At least four SPAC deals were canceled since the close on Friday including Prime Blockchain and space logistics firm D-Orbit (BREZ).

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