Bitcoin (CCC:BTC-USD) news for Friday includes crypto mining company Cipher Mining planning to go public via a special purpose acquisition company (SPAC) merger with Good Works Acquisition (NASDAQ:GWAC) and GWAC stock is soaring.
Here’s everything potential investors in GWAC stock need to know about the companies and SPAC merger.
Good Works Acquisition is a blank check company created with the goal of taking a private company public.
The sponsor of the company is an affiliate of I-Bankers Securities.
Cipher Mining is a bitcoin mining company based in the U.S.
The company has plans for four mining facilities in Ohio and Texas.
The SPAC merger between Good Works Acquisition and Cipher Mining values the combined company at $2 billion.
Once the deal is done, the combined company will operate under the name Cipher Mining Inc.
This will also see shares of GWAC stock change over to the CIFR stock ticker.
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Cipher Mining is set to come out of the SPAC merger with $595 million in gross cash.
That includes $170 million in cash held in Good Works’ trust account from its initial public offering (IPO) last year.
Another $425 million comes from a private investment in public equity (PIPE).
The Board of Directors at both companies have approved the SPAC merger.
Now it just needs approval from regulators and shareholders of GWAC stock.
If all goes well, the deal is set to close in the second quarter of 2021.
GWAC stock was up 6.3% as of Friday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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