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10X Capital SPAC to Merge with Crypto Company PrimeBlock

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

April 01, 2022 08:20 ET (12:20 GMT)

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