Bitcoin Depot, a leading cryptocurrency ATM provider in the United States, is preparing to go public by merging with a special-purpose acquisition business. This move will allow Bitcoin Depot to become publicly traded.
Bitcoin Depot, located in Atlanta, has formally declared that it has signed a final agreement to combine with the SPAC GSR II Meteora (GSRM) in a transaction worth $885 million in order to go public. The announcement was made on Thursday.
The merger of the two companies would result in Bitcoin Depot becoming a publicly traded corporation. The merged firm, which would be renamed Bitcoin Depot Inc., would trade on the Nasdaq under the new ticker code BTM when the merger was completed.
The leadership team of Bitcoin Depot and the board of directors of GSRM have both given their unequivocal approval to the merger, and it is anticipated that it will be finalised by the beginning of the first quarter of 2023. The business combination is contingent on obtaining clearance from relevant regulatory authorities and key stakeholders, in addition to satisfying any other standard closing conditions.
Although SPAC investors have the ability to withdraw their money before the merger is finalised, it has been stated that the GSR II Meteora SPAC has around $320 million that Bitcoin Depot might use to build the business. Bitcoin Depot might go through with a fundraising round that would end at the same time as the merger transaction it is now negotiating.
Because of Bitcoin Depot’s consistent growth, Gus Garcia, co-CEO of GSRM and a former SPAC banker at Bank of America, said he is confident in the company’s ability to get funding via a variety of avenues.