Original source:
CoinDesk

Miner Tomorrow Crypto plans to go public through SPAC merger with Globalink Investment (GLLI)

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SPACinformer

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Crypto
August 4, 2022
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Subject to shareholder and regulatory clearance, the proposed combination is scheduled to conclude in the fourth quarter.

Tomorrow Crypto, a bitcoin (BTC) and ether (ETH) mining infrastructure startup, plans to go public via a merger with Nasdaq-listed SPAC (special purpose acquisition company) Globalink Investment (GLLI).

According to an SEC filing on Thursday, the prospective merger values Tomorrow Crypto at $310 million and is scheduled to conclude in the fourth quarter of this year, subject to shareholder and regulatory clearance.

The deal is estimated to generate up to $131.7 million in total proceeds, including up to $116.7 million in cash held in Globalink's trust account. The funds are to be used as growth capital expenditure and working capital.

Tomorrow Crypto is a company established in the United States that plans to construct infrastructure at locations for institutional-grade customers to mine bitcoin and ether.

In recent years, mergers with special purpose acquisition companies (SPACs) have been a popular way to go public. The Securities and Exchange Commission of the United States revealed in March that SPACs were used in more than half of all IPOs (initial public offerings) in 2020-2021.

However, such listings will be subject to further regulatory scrutiny in the future. According to the SEC, it would propose "specific disclosure rules regarding, among other things, pay given to sponsors, conflicts of interest, dilution, and the fairness of these deals."

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(As of August 4, 2022, funds managed by Cohanzick Management, LLC and its affiliates do not own a position in Globalink Investment (GLLI).)


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