Blockchain Coinvestors Acquisition Corp. I (NASDAQ:BCSA) announced this afternoon that it has terminated its business combination with crypto fintech firm Qenta.
On November 8, Qenta received a written termination notice from the SPAC, citing the failure of the target company to submit its closing financial statements by the specified deadline and its inability to meet financial information obligations.
As for Blockchain Coinvestors, the SPAC plans to explore alternative targets moving forward. It initially set out to focus its search on companies in the financial services, technology and other sectors of the economy that are being enabled by emerging applications of blockchain.
Following redemptions that resulted in the removal of nearly 93% of its trust during an October meeting, BCSA now holds approximately $23 million and has a completion deadline of May 2024.
Blockchain Coinvestors I inked its $622 million deal with crypto fintech firm Qenta in November 2022. The Houston-based company has created a crypto investment and payments platform with its G-Coin backed by sustainably produced physical gold.
Willow Lane (NASDAQ:WLACU) has filed for a $110 million SPAC to be the latest repeat SPAC team returning to the market with the help of underwriter BTIG. BTIG is, in fact, leading recent underwriter activity with four new SPACs filed since the August 1, while no other firm has been left lead for more than...
At the SPAC of Dawn While SPACs settle into a slight pause through Rosh Hashanah, de-SPACs are also entering another period of holiday-based trading patterns. Traders following the usual “Sell in May and Go Away” pattern this year would have missed out on a major late-summer market rally. But, stocks may now feel the effects...
At the SPAC of Dawn As SPACs switch back into gear with a new cycle, traditional IPO road shows are heating up into the fourth quarter as well. A raft of private equity-backed companies have determined now is the time to strike and the period between the Fed’s September rate slash and the November election...
Earth, Wind & Fire may have been on to something with the end of September and “chasin’ the clouds away“. The SPACs from the past are still lingering which are affecting the averages as newly issued SPACs have come to market in the past year. Each has the same goal of bringing a target company...
Ocean Capital Acquisition Corporation (Nasdaq:OCACU) filed this morning for a $60 million offering to be underwritten by Brookline Capital Markets. This is only the second offering for Brookline where they will be in the position of sole bookrunner, with DT Cloud Acquisition Corporation being their first. However, Brookline has been a bookrunner to the right...