Crypto Payment Firm Roxe Plans to Go Public via $3.6B SPAC Deal With Goldenstone

Global blockchain payments infrastructure firm Roxe Holding has signed a merger agreement with New York-based special purpose acquisition company (SPAC) Goldenstone Acquisition Limited. 

Roxe Plans to Go Public

According to an official press release, the deal will help Roxe go public through a combined enterprise valued at around $3.6 billion although the value will be subjected to change based on a valuation investigation that a separate independent investment bank will conduct. 

The agreement would see Roxe merge with a subsidiary of Goldenstone, and the blank check company would be rebranded as “Roxe Holding Group Inc.” The crypto payment firm is expected to dedicate 100% of its stocks to the new enterprise. 

Commenting on the development, Roxe’s chief business officer, Josh Li, stated that the merger would bolster the company’s growth and the entire blockchain payment market. 

“We are thrilled to be working with Golden Stone to bring Roxe onto NASDAQ, which we believe will accelerate our growth and that of the groundbreaking payments ecosystem that Roxe makes possible. We believe that through our combined teams and expertise, Roxe will empower users to streamline payments, financial transactions, and value exchange globally,” Li said. 

Goldstone to File Registration Statement

The announcement also noted that the transaction is expected to be registered with the U.S. Securities and Exchange Commission (SEC) to obtain authorization and other customary closing conditions. 

Goldenstone will file a registration statement on Form S-4 with the SEC that will serve as a prospectus and proxy statement for the company. 

The blank check company also intends to file other documents with the security agency concerning the partnership. The firm also urged its shareholders to read the proxy documents before making any votes as they contain essential information concerning the new transaction. 

Meanwhile, Roxe is not the first crypto company to announce its intention to go public through a SPAC merger. Several crypto service providers, including Block.one’s Bullish Global, Circle, and eToro, plan to go public by merging with blank-check companies.

However, these crypto-SPAC deal deadlines have all been shifted forward due to lengthy regulatory processes and unending scrutiny from US regulators.