Blockchain firm Diginex to get listed in US via reverse merger deal - Report

Layer 1s • July 10, 2019, 5:31AM EDT
UPDATED: July 10, 2019, 5:43AM EDT
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Hong Kong-based blockchain firm Diginex is set to get listed in the U.S. via a reverse merger deal, according to a Bloomberg report on Wednesday.

Diginex has struck the deal with special purpose acquisition company 8i Enterprises Acquisition Corp., the report said, citing “people familiar with the matter,” and will be listed on Nasdaq.

The deal is likely to value Diginex at about $276 million including debt, and its shareholders will receive 20 million ordinary shares of 8i valued at $10 per share, per the report.

The U.S. Securities and Exchange Commission (SEC), however, will reportedly still need to approve Diginex’s proxy filing.

Earlier this year, cryptocurrency exchange Bithumb was also looking to go public in the U.S. through a reverse merger deal, when it signed a letter of intent with Blockchain Industries. Mike Novogratz' Galaxy Digital also took a reverse merger route to get listed on Canada's TSX Venture Exchange.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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