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Cantor Fitzgerald SPAC and Adam Back's BSTR Holdings Terminate Merger Agreement
Summary
A special purpose acquisition company backed by Cantor Fitzgerald and Bitcoin investment firm BSTR Holdings have terminated their original merger agreement. The companies plan to negotiate a revised deal with terms better suited to current market conditions.
Cantor Equity Partners I Inc., a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald, and BSTR Holdings, a Bitcoin investment firm led by Adam Back, announced on Wednesday that they have terminated their planned merger agreement.
In a joint statement, the companies said they will not proceed under the agreement signed last year. Instead, they intend to pursue a revised transaction with amended terms that "better reflect current market conditions." The financial details of a potential new deal and a timeline for reaching an agreement were not disclosed.
As a result of the termination, the private financing associated with the original merger has been scrapped. A shareholder meeting scheduled for July 10 has been postponed indefinitely, and pending redemption requests from SPAC investors have been canceled, with shares returned to the holders.
AdThe initial merger was designed to take BSTR Holdings public. The company, led by Blockstream CEO and early Bitcoin developer Adam Back, planned to use the public listing to raise capital for the purpose of acquiring and holding Bitcoin. According to earlier reports, the transaction had faced challenges in securing funding.