Primeblock to IPO through SPAC Merger as SEC Targets SPAC Deals

Primeblock, a bitcoin mining business, has announced its intention to go public via a special purpose acquisition company (SPAC) transaction. Primeblock will merge with 10X Capital Venture Acquisition Corp. II and its shares will be listed on Nasdaq.

Primeblock Announces SPAC Merger with Nasdaq Listing in the Second Half of 2022 — SEC Targets SPACs, Shell Companies, and Projections

Another bitcoin mining company is preparing to go public, this time on the Nasdaq stock exchange. Primeblock announced a merger with 10X Capital, which is expected to close by the end of Q2 2022.

Primeblock will join a growing list of publicly traded mining firms. Nasdaq-listed companies include Riot Blockchain and Marathon Digital Holdings.

Primeblock’s overall worth, including debt, will increase to $1.25 billion as a result of the acquisition with 10X Capital. Additionally, the company disclosed after the announcement of the SPAC acquisition that it had acquired $300 million in equity financing from Cantor Fitzgerald & Co.

Primeblock maintains data centres in North America, according to the company’s website, and boasts a hashrate of 1,000 petahash. This equals to 0.6 percent of Bitcoin’s worldwide hashrate today, and Primeblock has a combined capacity of over 70 megawatts throughout its mining operations.

The mining operation provides hosting, supply chain management, logistics, and mining containers. “Primeblock’s completely integrated approach to mining and digital infrastructure is a crucial advantage that assures an industry-leading deployment lifecycle from planning to setup,” the business writes on its website.

Following the merger, Primeblock’s chief executive officer Gaurav Budhrani will lead the company.

Primeblock is the latest in a long line of cryptocurrency companies that have gone public, and more particularly, enterprises that have benefited from a special purpose acquisition company transaction. SPAC transactions have been used by Griid, Apifiny, Circle, Bitdeer, and Coincheck.

However, the Securities and Exchange Commission of the United States has unveiled fresh draught revisions to SPAC disclosure requirements. If the plans become law, SPAC transactions may encounter legal issues, as SPACs will be required to reveal far more financial information about sponsors and blank-check corporations.

“The Securities and Exchange Commission proposes rules to strengthen investor protections in initial public offerings (IPOs) by special purpose acquisition companies (SPACs),” the US regulator noted in its proposed rules document.

Primeblock, a bitcoin mining business, has announced its intention to go public via a special purpose acquisition company (SPAC) transaction. Primeblock will merge with 10X Capital Venture Acquisition Corp. II and its shares will be listed on Nasdaq.

Primeblock Announces SPAC Merger with Nasdaq Listing in the Second Half of 2022 — SEC Targets SPACs, Shell Companies, and Projections

Another bitcoin mining company is preparing to go public, this time on the Nasdaq stock exchange. Primeblock announced a merger with 10X Capital, which is expected to close by the end of Q2 2022.

Primeblock will join a growing list of publicly traded mining firms. Nasdaq-listed companies include Riot Blockchain and Marathon Digital Holdings.

Primeblock’s overall worth, including debt, will increase to $1.25 billion as a result of the acquisition with 10X Capital. Additionally, the company disclosed after the announcement of the SPAC acquisition that it had acquired $300 million in equity financing from Cantor Fitzgerald & Co.

Primeblock maintains data centres in North America, according to the company’s website, and boasts a hashrate of 1,000 petahash. This equals to 0.6 percent of Bitcoin’s worldwide hashrate today, and Primeblock has a combined capacity of over 70 megawatts throughout its mining operations.

The mining operation provides hosting, supply chain management, logistics, and mining containers. “Primeblock’s completely integrated approach to mining and digital infrastructure is a crucial advantage that assures an industry-leading deployment lifecycle from planning to setup,” the business writes on its website.

Following the merger, Primeblock’s chief executive officer Gaurav Budhrani will lead the company.

Primeblock is the latest in a long line of cryptocurrency companies that have gone public, and more particularly, enterprises that have benefited from a special purpose acquisition company transaction. SPAC transactions have been used by Griid, Apifiny, Circle, Bitdeer, and Coincheck.

However, the Securities and Exchange Commission of the United States has unveiled fresh draught revisions to SPAC disclosure requirements. If the plans become law, SPAC transactions may encounter legal issues, as SPACs will be required to reveal far more financial information about sponsors and blank-check corporations.

“The Securities and Exchange Commission proposes rules to strengthen investor protections in initial public offerings (IPOs) by special purpose acquisition companies (SPACs),” the US regulator noted in its proposed rules document.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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