Blockchain Coinvestors Acquisition I in an 8-K saod shareholders approved moving the SPAC’s completion deadline to Nov. 15. This followed a delay in the meeting while management engaged with shareholders to discuss redemption reversals.
The SPAC said 533,146 public shares were redeemed, removing approximately $5.96 million ($11.18 per share) from trust. Upon payment of the redemption, the SPAC said it expects it will have approximately 1,578,648 public shares, with 12,900,648 Class A shares outstanding.
Blockchain Coinvestors I originally raised $300 million in a November 2021 IPO. The SPAc also raised $13.2 million through a private placement with the sponsor.
The SPAC lost $274.2 million to redemptions ahead of a February 2023 extension vote. Then, in October, the sponsor elected to convert all 9.8 million founder shares to Class A shares, and the SPAC’s ndependent directors converted all 150,000 of their founder shares to Class A stock,
Blockchain Coinvestors I last month announced a definitive business combination agreement with Linqto at an implied enterprise value of approximately $700 million.
The target is a digital investment platform allowing accredited investors to identify, evaluate, invest in, and make liquid investments “in the world’s leading unicorns and other private tech companies,” according to a press release announcing the deal. “Linqto’s vision is to democratize private investing by making it accessible, affordable, and liquid for individual investors. Through an intuitive technology platform, Linqto empowers individuals to participate in private venture investments, which were once the exclusive domain of institutions and privileged, ultra-wealthy people.”
The company said it has 750,000 users in 110 countries. Read more.
