Bitcoin Miner Primeblock gets a $1.25B SPAC Deal

by | Apr 1, 2022

Ending the week with a bang: DA for VCXA, Merger Approval for HLXA/ Immunotherapeutics. And the day’s news in SPACs.

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Blockchain: Deal Announcement for VCXA / Primeblock

10X Capital Venture Acquisition Corp. IIV (VCXA) announced a planned merger with blockchain technology provider Prime Blockchain Inc. (“Primeblock”). The transaction values the company at an enterprise value of approximately $1.25 billion.

Primeblock operates a portfolio of proprietary data centers and crypto assets mining operations in North America. The company is led by CEO Gaurav Budhrani, a former Goldman Sachs investment banking veteran who advised on over $300 billion in crypto, technology and natural resources transactions. In Q4 2021, PrimeBlock generated $24.4 million of revenue, and has over 110 megawatts of installed data center capacity.

For the environmentally focused: PrimeBlock claims to source approximately 60% of its power from non-carbon emitting sources. That’s just above a global industry average of 58.5%, according to estimates by the Bitcoin Mining Council.

HLXA approves merger with MoonLake Immunotherapeutics AG

Helix Acquisition Corp. (HLXA) shareholders approved the merger with biotech company MoonLake Immunotherapeutics AG. MoonLake is working toward clinical development of its tri-specific Nanobody sonelokimab for the treatment of skin and joint diseases.

deSPAC squeeze alert: this is looking like a low float situation: 8M shares redeemed (70%) leaves ~3.8M public shares.

Elsewhere in SPACs

  • TradeUP Global (TUGC) and SAITECH set April 22 merger vote date

Two SPAC IPOs This Week

  • Redwoods Acquisition (RWOD) raised $100M, 1R (1/10), 1W, $10.10 trust.  The SPAC has a carbon neutral / energy focus. Redwoods is based in China but makes it clear the sponsor will not pursue Chinese target.
  • Metal Sky Star Acquisition (MSSA) raised $100M, 1R (1/10), 1W, $10 in trust. The SPAC, which has an Asia focus, has 9 months to find a deal, with three 1-month extensions. Already a lot of chatter on this one given the tight timeframe and backlog.

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