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

Layer 1s • July 10, 2019, 5:31AM EDT

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.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.