SPAC 10X Capital Venture Acquisition to merge with Prime Blockchain in deal valued at $1.25 billion

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Special-purpose acquisition corporation 10X Capital Venture Acquisition Corp. II VCXA,

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has reached an agreement to merge with Prime Blockchain Inc., an infrastructure provider for blockchain technology, in a deal with an estimated enterprise value of about $1.25 billion. The combined company will be headed by ex-Goldman Sachs investment banker Gaurav Budhrani and will list on the Nasdaq. The company has secured a $300 million committed equity financing facility from Cantor Fitzgerald unit CF Principal Investments LLC, the companies said in a joint statement. Prime Blockchain has a portfolio of proprietary data centers and crypto asset mining operations in North America. The company was founded by Web 3 entrepreneurs Chandler Song and Ryan Fang, who have been involved in crypto projects including Ankr, while Budhrani has served clients including Coinbase COIN,
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and IonQ IONQ,
+3.15%,
The company had revenue of $24.4 million in the fourth quarter and has more than 110 megawatts of installed data center capacity across 12 facilities. The deal is expected to close in the second half.

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Credit: www.marketwatch.com /

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