Prime Blockchain and 10X SPAC have canceled their $1.25 billion merger agreement

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Last Updated on August 17, 2022 by Bitfinsider

Prime Blockchain, a cryptocurrency mining and infrastructure company, will no longer be listed on the Nasdaq.

According to an 8-K filing published on August 12, Prime Blockchain and 10X Capital Venture Acquisition Corp II, a special purpose acquisition company (SPAC), have mutually agreed to terminate a $1.25 billion merger deal.

A SPAC is a non-operating company formed solely for the purpose of acquiring a company and taking it public.

In April of this year, Prime Blockchain announced its intention to go public through a SPAC. The merger was supposed to be completed by the second half of 2022.

Several cryptocurrency companies, including Bitdeer and Apifiny, intended to go public using SPACs. According to a press release, Apifiny and the SPAC Abri also mutually terminated their agreement in July.

Crypto companies are also dealing with inflation, recessionary fears, and a crypto bear market, with bitcoin and ether down 48% since the beginning of the year, respectively.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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