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SPAC Blockchain Coinvesters (NASDAQ:BCSA) Corp. I has agreed to merge with commodities-focused fintech Qenta through a deal that pegs the enterprise value of the combined company at $622M.
The deal is expected to close during the first half of 2023, with shares of the combined company to trade on Nasdaq.
Based in the Cayman Islands, Qenta has been focused on digitalizing assets for the precious metals sector. In addition to offering alternative banking and payment solutions, Qenta’s Capital & Risk Management unit offers hedging products and margin financing for soft commodities and precious metals.
The SPAC has also entered into a forward purchase agreement with Vellar Opportunity Fund SPV. Under the deal, Vellar will buy and not redeem up to 12M BCSA Class A common shares on the open market ahead of the closing.
GEM Global Yield has likewise agreed to provide Qenta with $180M in capital commitments, including a 48-month share subscription facility following completion of the merger.
BCSA went public in November 2021, raising $300M through an upsized initial public offering.
Image and article originally from seekingalpha.com. Read the original article here.