GSR II Meteora Acquisition called a June 28 meeting for its shareholders to vote on a proposed merger with Bitcoin Depot, a U.S.-based Bitcoin ATM operator and fintech company. Proxies have been mailed, the SPAC added.
The deal at announcement in August had a post-transaction enterprise value of $755 million. Net proceeds are expected to consist of up to $321 million of cash held in the SPAC's trust — less any redemptions — and will be used to support Bitcoin Depot's working capital, complete acquisitions, and scale its platform and suite of products.
If the deal is approved, post closing BT Assets will own approximately 51% of the merged company's outstanding common stock, and which will represent 91.5% of the voting power in the new company. As a result of the voting power controlled by BT Assets, Bitcoin Depot will qualify as a “controlled company” within the meaning of Nasdaq listing rules. Read more.
Source: GSR II Meteora Sets Vote Date on Bitcoin Depot Deal