Mining infrastructure firm Tomorrow Crypto has laid out a proposal to go public via a Special Purpose Acquisition Company (SPAC) merger with Nasdaq-listed Globalink Investment Inc.
Tomorrow Crypto, which is based in the US, is looking to establish infrastructure at facilities for clients to mine bitcoin and ether, according to a filing dated Wednesday. The combined company will be named Tomorrow Crypto Group Holding Inc. and is expected to be listed on Nasdaq.
The transaction values Tomorrow Crypto at approximately $310 million and is expected to close in the fourth quarter of 2022, subject to approvals by stockholders and regulators.
"Tomorrow Crypto will be able to seize more growth opportunities in the constantly evolving blockchain market," Mingliu Wang, CEO of Tomorrow Crypto, said in a statement.
"In addition, we believe that through our combined teams and expertise, Tomorrow Crypto can better position itself to become one of the world's leading professional crypto mining players and a significant supporter of the global blockchain ecosystem," he added.
The filing comes at a difficult time for SPAC deals. Many that were meant to close over the past year have either stalled or been cancelled completely. It was reported earlier in June that eToro, an online brokerage offering crypto trading, had halted plans for its SPAC merger. Media company Forbes canceled plans in early June and SeatGeek, a ticketing app, did the same in May.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.