Inactive Instrument

10X CAP

VCXA

KYG870761080

10X Capital SPAC to Merge with Crypto Company PrimeBlock

April 01, 2022 at 05:51 pm IST

By Will Feuer

Special-purpose acquisition company 10X Capital Venture Acquisition Corp. II said it has reached a deal to merge with cryptocurrency miner and blockchain infrastructure company Prime Blockchain Inc.

The companies said the deal gives the combined company, which is expected to trade on the Nasdaq, a value of $1.25 billion, including debt.

In the fourth quarter of 2021, PrimeBlock generated $24.4 million in revenue, the companies said.

Former Goldman Sachs investment banker and PrimeBlock Chief Executive Gaurav Budhrani will remain CEO of the combined company.

"We believe the transaction will provide tremendous momentum for our next phase of growth," Mr. Budhrani said.

The deal is expected to close in the second half of 2022.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

04-01-22 0820ET

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10X Capital Venture Acquisition Corp. II is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has not selected any specific business combination target and has not engaged in any substantive discussions, directly or indirectly, with any business combination target. The Company intend to focus on the technology and tech-enabled businesses. The Company has not conducted any operations and has not generated any revenues.

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10X Capital SPAC to Merge with Crypto Company PrimeBlock

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