10X Capital II (NASDAQ:VCXA) announced this morning that it has mutually terminated its combination with crypto mining hardware firm PrimeBlock.
While the parties did not give a reason for terminating the deal just months after announcement, it is likely due to unfavorable market conditions as this marks the 6th termination in August thus far. More specifically, the sharp tumble in the crypto market may have caused both sides to see this transaction in a different light. VCXA’s termination comes weeks after Abri SPAC I (NASDAQ:ASPA) terminated its deal with blockchain company Apifiny and Fortune Rise’s (NASDAQ:FRLA) termination with crypto mining business VCV Power Sigma, which were also likely caused due to the deteriorating crypto market.
10X Capital II originally expected to bring about $200 million into the deal from its current trust, and did not supplement this with a PIPE. The parties also arranged a $300 million committed equity financing facility from a Cantor Fitzgerald affiliate which will also be automatically terminated along with the deal.
Nonetheless, 10X II intends to continue its search for a target, but has a transaction deadline just a few months away on November 12, 2022.
The SPAC announced its business combination agreement with PrimeBlock on April 1, 2022, at an enterprise value of $1.25 billion. San Francisco-based PrimeBlock is working to build out a network of crypto-mining data centers both for its own mine operations and offered to partners in a service model.
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