PrimeBlock and 10X Capital Venture Acquisition Corp. II announced a definitive Business Combination Agreement. The transaction is estimated to be worth $1.25 billion and may be completed in the second half of 2022.
Gurav Budhrani, a former Goldman Sachs executive, will be the CEO. Additionally, the merged company will be listing its stock in the Nasdaq100.
Prime Blockchain Inc. operates data centers and crypto miners throughout the United States. The firm is focusing on North Carolina, Kentucky and Tennessee.
In the last quarter of 2021, PrimeBlock reached $24.4 million in revenue. In addition, the company attained $300 million in financing for the merger from CF Principal Investments LLC, an affiliate of Cantor Cantor Fitzgerald & Co.
The Boards of Directors Approved the Merger
Both the Boards of Directors of PrimeBlock and 10X Capital have approved the merger , subject to regulatory approval, PrimeBlock’s stockholders and 10X Capital’s shareholders.
The CEO of PrimeBlock, Gaurav Budhrani said about the deal: “We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital.
"We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business.
"We believe we are well-positioned to leverage our infrastructure and technology to provide PrimeBlock’s customers' access to the underlying economics of public blockchains.”
Hans Thomas, Chairman and CEO of 10X Capital, remarked on the merger: “Gaurav and the leadership team have articulated a clear and compelling vision for PrimeBlock.
"They have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. We are confident they bring the discipline, skills and relevant experience to continue to execute the strategy to achieve growth and value creation for all stakeholders.
"As co-founders of Ankr (Coinbase:ANKR), Ryan and Chandler have a proven track record of innovating and executing at scale in the Crypto / Blockchain space, and Gaurav has the deep technology and capital markets experience to translate this innovation to the public markets.”
