Crypto Miner Bitdeer Delays $4B SPAC Deal Again
The SPAC firm taking cryptocurrency miner Bitdeer public at a $4 billion valuation has filed for another three-month extension. The Blue Safari Group, a special purpose acquisition company, was supposed to merge with BitDeer by June 14 but filed an extension to push the deadline back to September 14.
SPACs function as blank check companies. They’re set up and registered with the U.S. Securities and Exchange Commission (SEC) to raise capital and find a company to take public by acquisition or merger. These investment vehicles have become a popular way to take companies public because they bypass the longer process of an initial public offering, or IPO. According to the terms, this second extension is the last that can be covered by the loan. But the bear market has left many crypto firms waiting in the wings or worse.
Source
t.me/Mining_Crypto_Miner
