Blockchain Coinvestors Acquisition Corp. I (NASDAQ:BCSA) announced this afternoon that it has terminated its business combination with crypto fintech firm Qenta.
On November 8, Qenta received a written termination notice from the SPAC, citing the failure of the target company to submit its closing financial statements by the specified deadline and its inability to meet financial information obligations.
As for Blockchain Coinvestors, the SPAC plans to explore alternative targets moving forward. It initially set out to focus its search on companies in the financial services, technology and other sectors of the economy that are being enabled by emerging applications of blockchain.
Following redemptions that resulted in the removal of nearly 93% of its trust during an October meeting, BCSA now holds approximately $23 million and has a completion deadline of May 2024.
Blockchain Coinvestors I inked its $622 million deal with crypto fintech firm Qenta in November 2022. The Houston-based company has created a crypto investment and payments platform with its G-Coin backed by sustainably produced physical gold.
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