Miner Tomorrow Crypto Hopes It Will Go Public Through a SPAC Merger
Tomorrow Crypto, a bitcoin and ether mining company, is seeking to publicize a merger proposal with Nasdaq-listed Globalink Investment (GLLI) through SPAC.
The proposed value of the Tomorrow Crypto merger is $310 million and is expected to close in the fourth quarter of this year subject to shareholder and regulatory approval, according to a statement from the Securities and Exchange Commission (SEC) on Thursday. The transaction is expected to attract gross revenue of up to $131.7 million, including up to $116.7 million of cash held in a Globalink trust account. The net proceeds will be used for working capital and growing capital expenditures.
Tomorrow Crypto is an American firm planning to create infrastructure at facilities for institutional-level clients for bitcoin and ether mining. SPAC mergers have been a common means of public use in recent years. The Securities and Exchange Commission (SEC) reported in March that more than half of all initial public offerings in 2020-2021 were conducted using SPAC.
However, such actions will be subject to careful monitoring of legislation in the future. The Securities and Exchange Commission said it would propose "specialized disclosure requirements regarding, among other things, compensation paid to sponsors, conflicts of interest, dilution and fairness of these business combination transactions."
https://coin-signal.com/cryptonews/miner-tomorrow-crypto-hopes-it-will-go-public-through-a-spac-merger/
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