Roxe Holding Inc., a blockchain-based payments company has entered an agreement with Goldenstone Acquisition Ltd., a special-purpose acquisition company (SPAC), through which it aims to go public on Nasdaq.
According to the announcement made on Wednesday, the SPAC and the international blockchain payments company have reached an agreement to merge. Roxe will be listed on the Nasdaq under the symbol ROXE. With a focus on blockchain technology, Roxe is a multinational payments company that provides consumer and business-to-business payments services.
No present Roxe stockholders want to sell their holdings following the merger, according to a Reuters story citing insider sources. On Tuesday, Roxe said that if the listed share price is attained, some shareholders would be eligible for earnouts.
The arrangement is made in an unfavorable market climate, where investors have generally given up on special-purpose acquisition corporations of this kind due to poor performance and the value collapse of cryptocurrencies.
Bitcoin (BTC) has already reached its lowest price since mid-2021, and the market capitalization of all cryptocurrencies has fallen to less than $1 trillion.
The extended decline in cryptocurrency has been sparked by worries about the exit of many important players. As a result of rising inflation and interest rates as well as negative macroeconomic signals, sentiment has gotten worse.
The agreement also comes after Goldenstone’s first public offering (IPO), which raised about $57.5 million in capital and took place months earlier.
Roxe will make use of these resources to boost her cash reserves. After agreeing to a $530 million SPAC deal with Apifiny Group earlier in the year, CEO Haohan Xu will also sign his second substantial listing agreement of the year.
The popularity of SPACs, a common listing vehicle for several significant crypto firms, is declining this year after experiencing a boom in 2020 and 2021. The United States Securities and Exchange Commission (SEC) recently announced tighter reporting requirements for SPACs in response to many fraud charges.
