SPACs: Blockchain Moon Acquisition Corp to Return Funds as No Deal Found

Blockchain Moon Acquisition Corp. (NASDAQ: BMAQ) has announced it would return shareholder funds and delist its shares. The blank check firm raised money to pursue prospective targets that were businesses in blockchain technologies in North America, Europe, and Asia.  The special acquisition company (SPAC) announced it was unable to consummate a deal.

The SPAC market has sagged during the past few quarters following a peak in Q1 of 2021.

In October of 2022, Blockchain Moon announced an agreement to acquire substantially all of the assets of DLTx ASA (OSX: DLTX), including all Web 3 infrastructure assets. This past March, the deal was axed without providing further information as to why it was terminated.

Earlier this month, DLTnext, LLC was formed by current and former members of the management of DLTx ASA, which then acquired the Filecoin cloud storage and Bitcoin mining subsidiaries from the ASA. DLTnext is based in Puerto Rico. The company stated that it intends to realign the businesses to achieve profitability.  DLTnext will assume the DLTx brand and full ownership of the mark once ASA changes its name as per an upcoming shareholder vote.

The Blockchain Moon Acquisition Corp included well-known Fintech/blockchain industry insiders, including Enzo Villani and Michael Terpin. In March, the two executives announced Alpha Transform Holdings (ATH), a new holding company created from the merger of assets controlled by Villani of Alpha Sigma Capital and Terpin of Transform Ventures, to launch two new blockchain funds with approximately $100 million in assets under management.

Sponsored Links by DQ Promote



Send this to a friend