PrimeBlock, a crypto mining and infrastructure company, has entered into a merger agreement with SPAC- by 10X Capital Venture Acquisition Corp. II.
According to a press release, the combined firm will be valued at $1.25 billion and the deal is expected to close by the second half of 2022.
The parties received $300 million in equity financing from CF to complete the deal Principal Investments LLC, a subsidiary of Cantor Fitzgerald & Co.
As a result of the merger, 10X will be renamed Prime Blockchain Inc and will continue to trade on the Nasdaq.
For the fourth quarter of 2021, the mining company generated $24.4 million in revenue
PrimeBlock operates 12 data centers with an installed capacity of more than 110 MW. The devices are mainly located in the states of North Carolina, Tennessee and Kentucky.
