GSR II Meteora Acquisition in an 8-K filing today said it has secured another $43 million in PIPE financing and secured non-redemption agreements for shares totalling $7 million. The additional financing is in support of the SPAC’s pending merger with Bitcoin Depot, a U.S.-based Bitcoin ATM operator and fintech company.
The PIPE investors will receive preferred shares, but will not have voting rights on the holdings.
A vote on the proposed merger is set for Wednesday.
The deal at announcement in August had a post-transaction enterprise value of $755 million. Net proceeds were expected at that time to consist of up to $321 million of cash held in the SPAC’s trust — less any redemptions — and will be used to support Bitcoin Depot’s working capital, complete acquisitions, and scale its platform and suite of products.
Even if GSR II redemptions hit close to 100%, the SPAC with today’s announcement would have more than enough funding to cover the $8 million minimum cash condition to close the deal. Read more.
