Coin-Miners - Crypto Currency Tracker logo Coin-Miners - Crypto Currency Tracker logo

Seeking Alpha 2022-08-25 13:51:07

Crypto ATM operator Bitcoin Depot to go public through SPAC GSR II Meteora

Crypto ATM operator Bitcoin Depot agreed to public through a deal with SPAC GSR II Meteora Acquisition (NASDAQ:GSRM) that will value the combined company at $885 million. GSRM ticked up 0.5%.The combined company will have an estimated post-transaction enterprise value of $755 million with an estimated equity value of $885 million from the contribution of up to $170 million in cash proceeds from the transaction, according to a statement. The net proceeds raised from the transaction will consist of up to $321 million of cash held in GSRM’s trust account.Upon closing of the deal, the combined company will be named Bitcoin Depot Inc. and trade on the Nasdaq under the new ticker “BTM.” The deal is expected to close in Q1 of next year. Bitcoin Depot was founded in 2016 and has over 7,000 kiosk locations in the U.S.Oppenheimer & Co. is serving as financial advisor and Latham & Watkins LLP is serving as legal advisor to GSRM. Kirkland & Ellis LLP is serving as legal advisor to Bitcoin Depot.SPAC GSR II (GSRM) raised $275M in its initial public offering in February with plans to seek out a business combination in the software, tech, transportation or ESG sectors.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.