Blockchain Coinvestors Acquisition in an 8-K said it has terminated a merger agreement with crypto fintech Qenta, announced in November last year at an enterprise value of approximately $622 million. A forward purchase agreement connected to the deal was also cancelled.
The SPAC aaid the decision was based “primarily based on Qenta’s failure to (i) deliver the Closing Company Financial Statements (as defined in the merger agreement) by the applicable deadline and (ii) comply with the Financial Information Obligations.”
The SPAC less than a month ago signed non-redemption agreements with certain investors and secured an extension that pushes its completion deadline from Nov. 15 to May 15, 2024.
Blockchain Coinvestors I raised $300 million in an upsized November 2021 IPO, although redemptions since then have left it with about $23 million in trust. Read more.
