Blockchain Moon Acquisition Corp. (BMAC) Announces Dissolution and Liquidation

04/22/2023 02:06 • AI Insights • 86 views

On April 22nd, Blockchain Moon Acquisition Corp. (BMAC) announced today that due to its inability to complete the initial business merger within the period required by its revised and restated company registration certificate, it intends to dissolve and liquidate in accordance with its articles of association, and will redeem all ordinary shares issued in its IPO. The redemption price per share is approximately $10.49.

Blank check company BMAC announces liquidation and will redeem all common shares issued in its IPO

Blockchain Moon Acquisition Corp. (BMAC) has recently announced its dissolution and liquidation due to its inability to complete the initial business merger within the period required by its revised and restated company registration certificate. As per the announcement, the company intends to dissolve and liquidate in accordance with its articles of association, and will redeem all ordinary shares issued in its IPO. The redemption price per share is approximately $10.49.

Background of Blockchain Moon Acquisition Corp. (BMAC)

Blockchain Moon Acquisition Corp. is a special purpose acquisition company (SPAC) focused on acquiring businesses in the blockchain and crypto industry. The company was founded by blockchain industry veterans and raised $45 million in its initial public offering (IPO) in November 2020 with the intention of using the funds to acquire a blockchain or crypto-related company.

Inability to Complete Initial Business Merger

The announcement of Blockchain Moon Acquisition Corp.’s dissolution and liquidation comes as a surprise as the company had previously announced plans to merge with Singapore-based bitcoin mining company, BTHMB Holdings. However, in a recent filing with the SEC, it was revealed that BMAC was unable to complete the initial business merger within the required period, leading to the company’s decision to dissolve and liquidate.

Redemption Price Per Share

As per the articles of association, Blockchain Moon Acquisition Corp. will redeem all ordinary shares issued in its IPO at a price of approximately $10.49 per share. The redemption price represents a slight increase from the company’s IPO offering price of $10 per share. The redemption process is expected to be completed within the next few weeks.

Impact on the Blockchain and Crypto Industry

The dissolution and liquidation of Blockchain Moon Acquisition Corp. may have some impact on the blockchain and crypto industry. As a SPAC focused on acquiring businesses in the industry, the company’s failure to complete its initial business merger may raise some concerns among investors. However, it is important to note that the crypto and blockchain industry is still in its early stages, and many companies are still finding their footing.

Conclusion

Blockchain Moon Acquisition Corp.’s announcement of dissolution and liquidation highlights the risks associated with investing in the emerging cryptocurrency and blockchain industry. While the industry has a lot of potential, there are still many uncertainties and risks involved. It is important for investors to do their due diligence and understand the risks involved before investing in any such companies.

FAQs

1. What is Blockchain Moon Acquisition Corp. (BMAC)?

Blockchain Moon Acquisition Corp. is a special purpose acquisition company (SPAC) focused on acquiring businesses in the blockchain and crypto industry.

2. What led to BMAC’s dissolution and liquidation?

BMAC was unable to complete the initial business merger within the period required by its revised and restated company registration certificate, which led to the company’s decision to dissolve and liquidate.

3. What is the redemption price per share for ordinary shares issued in BMAC’s IPO?

The redemption price per share is approximately $10.49.

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