Abra plans to go public through a SPAC merger, with a valuation of $750 million.
BlockBeats News, March 16, according to official sources, digital asset wealth management platform Abra Financial Holdings, Inc. today announced that it has reached a definitive merger agreement with special purpose acquisition company New Providence Acquisition Corp. III (Nasdaq: NPACU), and will go public via a SPAC listing. The new merged company is expected to be listed on Nasdaq with the stock ticker "ABRX". The core terms of this transaction include:
· Transaction valuation: Based on Abra's pre-money equity valuation of 750 millions USD · Capital injection: The transaction is expected to bring up to 300 millions USD in cash (held in trust accounts, subject to shareholder redemption) · Shareholder structure: Existing Abra shareholders will transfer 100% of their equity to the merged company, including well-known institutions such as Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, SBI, etc. · Market positioning: Serving the 100 trillions USD wealth management market, focusing on digital assets and tokenization tracks
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