Take a blank-check buyout company, fuse it with a business that services the highly speculative cryptocurrency market, and the result is risk on steroids. But the deal between 8i and Diginex could help sort crypto reality from hype, writes tombuerkle.
8i Enterprises Acquisition, a special purpose acquisition company or SPAC, said on July 10 that it had agreed to acquire blockchain financial services company Diginex in a transaction that will give the outfit an enterprise value of $276 million.
Nasdaq-listed 8i will change its name to Diginex, effectively giving the Hong Kong-based blockchain group a public listing without undergoing a traditional initial public offering. The SPAC will offer 20 million of its ordinary shares, valued at $10 each, to Diginex’s shareholders, with an additional 5 million ordinary shares if the new Diginex hits various share-price thresholds over the next three years.
Hong Kong-based Diginex provides technology for trading cryptocurrencies and advisory services on distributed ledger technology and the distribution of digital assets.
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