Blockchain cryptocurrency IPO

This Blockchain Payment Company Prepping For IPO At $3.6 Billion Value

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The deal bucks an unfavorable market environment with cryptocurrencies plunging in value.Blank check company Goldenstone Acquisition Ltd said late on Tuesday that it has entered into a deal with blockchain-based payments company Roxe Holding Inc to take it public for a combined enterprise value of about $3.6 billion.The deal bucks an unfavorable market environment with cryptocurrencies plunging in value and investors largely losing interest in special purpose acquisition companies (SPACs) of this sort partly because of disappointing returns.Reuters had earlier reported about the deal, citing people familiar with the matter.

None of the Roxe investors plan to sell their stakes, according to the sources.Roxe stockholders will roll 100% of their equity into the combined company and certain stockholders are entitled to an earnout for additional shares in the combined entity if certain stock price targets are met, Goldenstone said in a statement.Goldenstone raised just $57.5 million in its initial public offering in March this year, a slither of the deal's value.Founded in 2019, Roxe connects banks, payment firms and remittance companies, facilitating cross-border payments using their private blockchain tokens.

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