Global Blockchain Acquisition Corp. (NASDAQ: GBBKU), a SPAC formed with the intent to acquire or merge with a company in the blockchain sector, listed its shares on NASDAQ in an IPO of 15,000,000 units at $10.00 per unit.
Each unit reportedly “consists of one share of common stock, one right, and one redeemable warrant.”
Each right “entitles the holder to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination.”
Each warrant “entitles the holder to purchase one share of common stock at a price of $11.50 per share.”
I-Bankers Securities, Inc. “is acting as the sole book-running manager of the offering and Dawson James Securities, Inc. is acting as co-manager of the offering.”
The underwriters have been “granted a 30-day option to purchase up to an additional 2,250,000 units offered by the Company to cover over-allotments if any.” The offering “is expected to close on or about May 12, 2022, subject to customary closing conditions.”
According to a filing with the SEC, the company aims to pursue a company with an “equity valuation ranging from $300 million to $3 billion. We anticipate targeting companies domiciled in North America, Europe and/or Asia that are developing assets in the Fintech, MetTech, Internet of Things, Media, Education, Education, Enterprise, and, Blockchain Enabled Verticals.”
Several members of the management team and board are affiliated with Global Blockchain Ventures Fund, a venture capital fund specializing in growth companies using blockchain technology. To date, the fund has made 32 investments.
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