Good Works Acquisition shareholders voted in favor of the merger with Bitcoin company Cipher Mining Technologies.
Approximately 87.9% of the votes cast at the meeting, representing approximately 57.0% of Good Works’ outstanding shares as of the record date, voted to approve the business combination, the SPAC said.
Share redemptions ahead of the vote amounted to $128.37 million, according to the SPAC’s latest 8-K filing. That would leave about $42 million in the SPAC’s trust.
Announced in March, terms of the original deal called for the merged company to receive approximately $595 million in cash from a combination of a $425 million PIPE, including a $50 million investment in-kind from Bitfury, and what was then approximately $170 million in cash held in Good Works’ trust account from its October IPO.
The PIPE funding was not dependent on public stockholder redemptions, according to the proxy.
The deal is expected to close Aug. 26. Upon closing, Cipher Mining’s common stock and warrants are expected to begin trading on NASDAQ under the ticker symbols “CIFR” and “CIFRW”, respectively.
Cipher Mining will be an industrial-scale Bitcoin mining company. Read more.
