Blockchain Payments Firm Roxe to List Via $3.6B SPAC Deal
The deal is expected to close in the first quarter of 2023, and the combined company will trade under the symbol “ROXE.”
According to a press release, blockchain payments firm Roxe will list on Nasdaq through a merger with special purpose acquisition company (SPAC) Goldenstone Acquisition Limited (GDST).
Roxe is the latest in a long line of crypto-related companies to go public through a merger with a SPAC, which are shell companies formed for the purpose of listing companies.
The transaction with Delaware-based Goldenstone Acquisition is valued at $3.6 billion. The combined company will be known as “ROXE.”
“This is an important milestone for Roxe. Our merger with Goldenstone will augment our ability to accelerate our growth and empower users to streamline payments, financial transactions and value exchange across the globe,” said Roxe’s Chief Business Officer, Josh Li.
Roxe, based in New Jersey, intends to use its native blockchain, the Roxe Chain, to build a global payments network for individuals, banks, and businesses.
It launched a central bank digital currency (CBDC) initiative in September, allowing developing nations free access to its digital currency issuance tool.
The transaction is still subject to Goldenstone shareholders’ approval and is expected to close in the first quarter of next year.