With GSR II Meteora Acquisition Corp signing a deal with Bitcoin Depot, a major crypto ATM provider in the US, the two companies can now merge and be listed on the NASDAQ exchange.
According to the press release, the two companies announced a binding contract for the business merger that would effectively make Bitcoin Depot a publicly listed company. After the completion of the transaction, the merged company will be known as Bitcoin Depot Inc., and under the new ticker code “BTM”, which will be traded on the NASDAQ.
Bitcoin Depot would have an anticipated post-transaction equity of around $885 million and around $170 million in cash to fuel its future expansion after the merger deal.
The company stated that the net profits from the deal will be up to $321 million in cash kept in a trust account, and will be put to use in order to back the working capital of Bitcoin Depot, complete acquisitions, and widen the platform and variety of products offered by the company.
Subject to regulatory and stockholder clearances, the merger business is slated for completion by the first quarter of 2023.
Bitcoin Depot users can exchange their cash for digital assets like bitcoin (BTC), ethereum (ETH), and Litecoin (LTC) in over 7,000 locations in nine Canadian provinces and 47 states across the US.
The company offers two products: BDCheckout, which allows clients to fund their Bitcoin Depot accounts with cash directly at checkout counters at “major participating retailers”, and Bitcoin Depot BTMs, which allows users to convert cash to the aforementioned cryptocurrencies.
The press release writes that users can contribute cash to their Bitcoin Depot accounts at more than 8,000 locations at well-known retailers by using its BDCheckout service. Users may also manage their crypto wallet and search the nearby kiosks via Bitcoin Depot’s mobile app.
Bitcoin Depot said, as of June 30 this year (unaudited), it has generated $623 million in sales, $6 million of net income, and $38 million of Adjusted EBITDA (non-GAAP).