Fintech Bitcoin Depot plans to list shares in the United States by merging with blank check company (SPAC) GSR II Meteora Acquisition in a deal valued at $885 million, the companies said on Thursday.
The transaction will raise up to $321 million in cash held in GSRM’s trust account and will be used for Bitcoin Depot working capital, completion of acquisitions, and expansion of the platform and product suite.
Assuming no redemptions, the combined company will be valued at $755 million, including debt, with an equity value of $885 million and up to $170 million in cash owed to the deal, according to a statement.
Bitcoin Depot, founded in 2016, is a bitcoin ATM operator in North America that allows users to convert their money into bitcoin, ethereum and litecoin at over 7,000 kiosks in 47 US states and nine Canadian provinces.
The deal, which is expected to close in the first quarter of next year, is being advised by Oppenheimer & Co.
The combined company will be listed on Nasdaq under the ticker ‘BTM’.
Source: CNN Brasil
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