Linqto to go public via $700m SPAC merger with BCSA
US digital investment platform Linqto is set to go public via a business combination deal with Nasdaq-listed special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition Corporation 1 (BCSA).
Linqto to go public via SPAC merger with BCSA
Founded in 2020, the California-based company offers investors a means to make liquid investments in mid-to-late stage tech companies, particularly those originating from the fintech, blockchain and auto sectors.
The transaction will see the platform continue to operate under the Linqto brand, but as a wholly-owned subsidiary of BCSA. Its outstanding common equity is to be cancelled, with shareholders to receive shares in BCSA at an implied enterprise value of around $700 million.
For BCSA, terms of the transaction require its reincorporation from Delaware to the Cayman Islands prior to the deal closing, with its outstanding ordinary shares to be converted into shares of common stock in the Delaware entity on a one-for-one basis.
Both parties say they have “unanimously approved” these terms, and expect to close the deal “in the second half of 2024”, subject to the approval of shareholders and other customary closing conditions.
Joe Endoso, CEO of Linqto, says the merger will “further enhance our platform” as its focus remains on “driving growth and expanding opportunities in the private markets”.
