Arisz Acquisition in an 8-K today said it has increased its PIPE with an existing subscriber to $74 million from the initial $70 million. The funding is in support of the SPAC’s proposed merger with BitFuFu, a digital asset mining service and cloud-mining service provider.
Arisz earlier this week filed a proxy seeking a deadline extension on the deal from Feb. 22 up to Nov. 22.
At deal announcement two years ago, the merged company was valued at a pro forma enterprise value of approximately $1.5 billion.
Arisz presently has 5,155,754 shares of common stock outstanding, as of ther proxy filing. At its current stock price, that would fgive the SPAC about $56.7 million in trust. The SPAC raised $69 million in a November 2021 IPO. Read more.
