10X Capital Venture Acquisition II in a regulatory filing today said it has terminated a merger agreement with PrimeBlock. The deal had an estimated enterprise value of $1.25 billion. The decision to call off the deal was mutual, the SPAC said.
PrimeBlock is an infrastructure provider for blockchain technology that owns and operates a portfolio of proprietary data centers and crypto assets mining operations in North America.
Specific deal terms were scant in the April announcement, although 10X and PrimeBlock said they secured a $300 million committed equity financing facility from a Cantor Fitzgerald affiliate. 10X raised $200 million in an August 2021 IPO.
10X II said it intends to pursue a business combination with another target, although today’s filing does not indicate whether a target has been identified. Read more.
