Crypto mining and infrastructure companyPrime Blockchain (PrimeBlock) has entered into a merger agreement with SPAC company 10X Capital Venture Acquisition Corp. II.
According to the press release published by the company, the combined firm will be valued at $1.25 billion and the deal is expected to close by the second half of 2022.
For its implementation, the parties received equity financing for $300 million from CF Principal Investments LLC, a subsidiary of Cantor Fitzgerald & Co.
As a result of the merger, 10X will be renamed Prime Blockchain Inc and will continue to trade on the US tech market Nasdaq.
According to the announcement, PrimeBlock CEO and former Goldman Sachs CEO Gaurav Budhrani will remain the head of the company.
The mining company generated $24.4 million in revenue in 2021 Q3.