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Company that operates thousands of crypto ATMs plans to go public

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Company that operates thousands of crypto ATMs plans to go public

The transaction will raise up to $321 million in cash held in GSRM’s trust account and will be used to support Bitcoin Depot’s working capital, make acquisitions, and scale its platform and product suite .

Layoffs Spike Amid Crypto Winter

Assuming no buyouts, the combined company will be valued at $755 million including debt, with a net worth of $885 million and up to $170 million in cash proceeds from the transaction, according to a statement.

Bitcoin Depot, founded in 2016, is a bitcoin ATM operator in North America that allows users to convert their money to bitcoin, ethereum, and litecoin at more than 7,000 kiosks in 47 US states and nine Canadian provinces.

Special-purpose acquisition firm GSRM, which raised $316 million in an initial public offering in March this year, is pursuing the deal both when few are.

A SPAC is a publicly traded company with no business operations but with a pool of capital that it uses to merge with a private company. The deal then takes the company private.

High rates of shareholder buyouts and regulatory concerns have deterred companies seeking to go public through the SPAC route stifling deals in the sector that has taken Wall Street by storm over the past two years.

Among the companies that recently canceled IPO deals through SPACs are telecommunications services company Syniverse Technologies, 3D printing company Essentium Inc and travel technology platform HotelPlanner. Read more

The deal, which is expected to close by the first quarter of next year, is being advised by Oppenheimer & Co. Inc. The combined company will trade on Nasdaq under the symbol “BTM”.

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