Goldenstone Acquisition Limited entered a definitive merger agreement with Roxe Holding, a blockchain-based payments company. The announcement follows news reports that a deal was imminent. If approved, Roxe would have a $3.6 billion enterprise value, post-merger, and would list on the Nasdaq.
Details on the transactiuon were scant in the press release. Roxe stockholders will roll 100% of their equity into the combined company and certain stockholders will have the potential to receive an earnout for additional shares if price targets are met.
Goldenstone raised $57.5 million in a March IPO, so the SPAC is going to need significant additional capital to close a deal at the valuation cited in the merger announcement.
Roxe’s smart payment technology automatically selects the best route for the fastest, least expensive, and most reliable payments for any business or individual anywhere in the world, according to the news release. The company unifies fragmented global payment systems so that payment and remittance companies, banks, central banks, and consumers can get the speed and cost savings benefits of blockchain technology without directly transacting with cryptocurrencies. Read more.
