Cantor Fitzgerald SPAC and Adam Back’s Bitcoin firm scrap merger
Investing.com -- A Cantor Fitzgerald-backed blank-check company and Adam Back's Bitcoin investment firm said Wednesday they scrapped the original terms of their planned merger and will negotiate a revised deal.
Cantor Equity Partners I Inc. and BSTR Holdings said they will not proceed under the merger agreement signed last year. The companies said they will instead pursue amended terms that better reflect current market conditions and did not disclose the financial terms of a revised transaction or say when a new agreement could be reached.
The companies scrapped the private financing tied to the original merger and indefinitely postponed a shareholder meeting that had been scheduled for July 10. They also canceled pending redemption requests from SPAC investors, returning those shares to shareholders. The companies said any revised transaction would be detailed in future regulatory filings if an agreement is reached.
The merger was designed to take BSTR public through Cantor's special purpose acquisition company. Back, the chief executive of Blockstream and one of Bitcoin's earliest developers, planned to use BSTR to raise capital to buy and hold Bitcoin.
Cantor had allowed some investors in the deal's private financing to reduce their commitments ahead of a planned shareholder vote after the transaction struggled to secure funding, Bloomberg News had reported earlier.
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