InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Apifiny is preparing for a combination with special purpose acquisition merger company (SPAC) Abri Spac I Units (NASDAQ:ASPAU) to go public.
Let's dive into everything potential investors in ASPAU stock need to know about the Apifiny SPAC merger.
- First off, note that Apifiny is a crypto trading exchange based out of New York.
- The company is looking to use the SPAC merger with Abri Spac I Units to join the Nasdaq Exchange.
- Both companies' Boards of Directors have given their unanimous support to the deal.
- However, it still needs approval from regulators and investors in ASPAU stock.
- If all goes well, the two companies are expecting the merger to close in the third quarter of 2022.
- The merger would create a combined company with a pro forma enterprise value of $530 million.
- That includes a $57 million contribution of cash held by Abri Spac I Units.
- 10 Stocks to Buy That Could Make You a Millionaire in 2022
- When the deal closes, any remaining funds on Abri Spac I Units will go toward Apifiny's balance sheet.
- This money will be used for "working capital, growth and other general corporate purposes."
- Apifiny also points out that the SPAC merger will meet all listing requirements for Nasdaq.
- As such, there's no specific minimum cash requirement that the company needs to meet.
- News of the merger has ASPAU stock on the move today with some 12,500 shares trading.
- While not much, it's worth noting the SPAC's daily average trading volume is only about 380 shares.
ASPAU stock is up slightly as of Thursday afternoon.
There's more stock market news worth checking out below!
Investors can find all of the latest stock market news they need to know about with our help! That includes Tesla (NASDAQ:TSLA) earnings results, Knightscope (NASDAQ:KSCP) going public, as well as why Xilinx (NASDAQ:XLNX) stock is rising today. You can find all of that at the following links!
More Thursday Stock Market News
- TSLA Stock: 3 Top Takeaways From the Tesla Earnings Event
- Knightscope Stock IPO: 8 Things to Know as KSCP Starts Trading Today
- XLNX Stock: The AMD Deal Buzz Giving Chinese Chipmaker Xilinx a Boost Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
The post Apifiny SPAC Merger: 13 Things to Know About Abri's (ASPAU) Plans to Take the Crypto Exchange Public appeared first on InvestorPlace.