Arisz (NASDAQ:ARIZ) announced in an 8-K this morning that it has increased its PIPE commitments to $74 million from $70 million for its merger with digital asset mining service BitFuFu.
The parties previously secured $70 million in funding at deal announcement for a purchase price of $10 per share which will be issued to stockholders at closing. Bitmain Technologies Holding Company, and Bitcoin mining pool Antpool Technologies Holding Company led the fully committed PIPE.
Like the original PIPE, the additional funding was struck at $10 per share for shares that are identical to ordinary class A shares, except that the shares will not be entitled to redemption rights.
Arisz originally announced its $1.5 billion deal with BitFuFu in January 2021. Singapore-based BitFuFu offers a crypto mining solutions for both individual and institutional-scale miners by hosting machines in data centers run by third parties.
This fresh round of funding for BitFuFu’s combination comes just a day after the SEC gave the green light to approve bitcoin ETFs, allowing investors to trade bitcoin like stocks.
Previously, only bitcoin futures ETFs had received SEC approval. This approval of ETFs has resulted in a modest uptick in bitcoin prices, briefly surpassing $49,000, a level not witnessed since December 2021.
At the SPAC of Dawn SPAC teams bookended this past weekend with the filing of three new SPACs, collectively seeking to raise $640 million in capital. The new S-1 for Titan Acquisition Corp. (NASDAQ:TACHU) puts Cantor Fitzgerald back in the hunt among top underwriters for new SPACs filed in 2025. Two SPACs are also seeking...
Terms Tracker for the Week Ending March 7, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. It was an extremely quiet week on the SPAC front with no IPOs pricing, but there were three new S-1 filings. There was also only...
At the SPAC of Dawn If things seem like they are accelerating fast to start 2025, that is even more so for the space sector, which had a big, and occasionally explosive, week this week. 2023 de-SPAC Intuitive Machines (NASDAQ:LUNR) landed on the moon a second time yesterday afternoon, but it may have seen its...
At the SPAC of Dawn SPACs have largely steered clear of the fintech sector, which used to be among its favorite hunting grounds of late, both due to unfavorable macro pressures and the lack of clear action on the traditional IPO side to comp to. That may soon change as buy-now-pay-later firm Klarna has confidentially...
At the SPAC of Dawn Stock market whip saws based on US government action are not likely going anywhere as President Donald Trump conceded “a little disturbance” is coming to the economy in a speech before a joint session of Congress. This pain in the short term is to be primarily the result of the...