Blockchain Coinvestors Acquisition I in an 8-K said its sponsor and merger partner Qenta, a crypto fintech.
The sponsor has agreed, in connection with the completion of a transaction between Qenta and financing parties, to transfer and assign up to 3,178,000 of its Class B shares and 1,322,000 private placement units to the financiers or to Qenta in exchange for a lockup agreement covering the securities. The transfer of the stock and private placement units are contingent on the merger closing.
The SPAC next month plans to call a shareholders meeting to consider a deadline extension on the Qenta deal from Nov. 15 to May 15, 2024. The deal was announced in November last year at an enterprise value of approximately $622 million.
Blockchain Coinvestors I raised $300 million in an upsized November 2021 IPO, although redemptions since then have left it with about $39 million in trust as of June 30, according to a 10Q filing. Read more.
