Goldenstone Acquisition Limited (NASDAQ:GDST) announced this afternoon that it has entered into a joint agreement to terminate its combination with blockchain-based payments company, Roxe.
Goldenstone’s 8-K kept the details to a minimum, but it did disclose that the termination was mutual. As a result, no termination fee will be due to either party.
The SPAC originally brought about $57.5 million into the deal from its current trust and did not supplement this with a PIPE, but the deal also did not include a minimum cash condition. While the parties did not give a reason for terminating the deal just months after announcement, it is likely that unfavorable market conditions combined with a blockchain target played a significant role. Goldenstone and Roxe mark the 46th deal to be terminated this year.
Goldenstone initially announced its $3.6 billion business combination to combine with Roxe on June 22, 2022. New York City-based Roxe provides payments tools for remittances as well as merchant and consumer purchases on its in-house blockchain.
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