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HomeBankingLinqto to go public via $700m SPAC merger with BCSA

Linqto to go public via $700m SPAC merger with BCSA

Date:

  1. Linqto Going Public:
    • US digital investment platform Linqto is set to go public via a business combination deal with Nasdaq-listed special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition Corporation 1 (BCSA).
  2. Linqto’s Offerings:
    • Founded in 2020 and based in California, Linqto offers investors a means to make liquid investments in mid-to-late-stage tech companies, with a focus on fintech, blockchain, and auto sectors.
  3. Transaction Details:
    • The transaction will result in Linqto operating as a wholly-owned subsidiary of BCSA while continuing to operate under the Linqto brand.
    • Linqto’s outstanding common equity will be cancelled, and shareholders will receive shares in BCSA at an implied enterprise value of around $700 million.
  4. BCSA’s Reincorporation:
    • BCSA will need to reincorporate from Delaware to the Cayman Islands before the deal closes. Its outstanding ordinary shares will be converted into shares of common stock in the Delaware entity on a one-for-one basis.
  5. Approval and Timeline:
    • Both parties have unanimously approved the terms of the transaction.
    • The deal is expected to close in the second half of 2024, subject to shareholder approval and other customary closing conditions.
  6. CEO’s Statement:
    • Joe Endoso, CEO of Linqto, emphasizes that the merger will enhance their platform and focus on driving growth and expanding opportunities in the private markets.

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