The CEO of crypto miner PrimeBlock, which canceled a merger last month with 10X Capital Venture Acquisition II that would’ve made it a public company, has left the firm, according to two people familiar with the move, Coin Desk reports.
Gaurav Budhrani, the now-former CEO, was with PrimeBlock for about a year, according to his LinkedIn profile. He had come aboard from Goldman Sachs, where he’d spent more than a decade, most recently as a vice president who helped run crypto investment banking.
Specific deal terms were scant in the April announcement on the SPAC deal, 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 has 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.
