Prime Blockchain Inc. And 10X Capital Venture Acquisition Corp. II Announce Execution Of Business Combination Agreement Valuing Combined Co. At $1.25B
- CEO Gaurav Budhrani, a former Goldman Sachs investment banking veteran who advised on over $300 billion in crypto, technology and natural resources transactions
- Co-founded by Web 3 entrepreneurs Ryan Fang & Chandler Song, who founded a leading blockchain infrastructure and developer platform
- PrimeBlock has secured a $300 million committed equity financing facility from Cantor Fitzgerald affiliate
- Merger expected to be completed by 2H 2022; combined company expected to be listed on NASDAQ
Prime Blockchain Inc. ("PrimeBlock" or the "Company"), a diversified infrastructure provider for blockchain technology that owns and operates a growing portfolio of proprietary data centers and crypto assets mining operations in North America, and 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA) ("10X Capital"), a special purpose acquisition company (SPAC) sponsored by 10X Capital, today announced the execution of a definitive Business Combination Agreement. Upon closing of the transaction, which values the combined company at an estimated enterprise value of $1.25 billion, former Goldman Sachs investment banking veteran Gaurav Budhrani will be CEO and the combined company is expected to list its stock on the NASDAQ stock market.
10X Capital and PrimeBlock have secured a $300 million committed equity financing facility from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald & Co.
PrimeBlock CEO Gaurav Budhrani said, "We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital. We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business. We believe we are well-positioned to leverage our infrastructure and technology to provide PrimeBlock's customers access to the underlying economics of public blockchains."