Crypto Exchange Apifiny Going Public Through $530M SPAC Merger
The firm will list on the Nasdaq after combining with Abri SPAC I.
Jan 27, 2022 at 1:00 p.m. UTCUpdated May 11, 2023 at 4:07 p.m. UTC
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Apifiny Group, a digital asset trading network for institutional investors, announced plans to go public through a reverse merger with Abri SPAC I, a special purpose acquisition company. The transaction is expected to close in the third quarter, and Apifiny will then list on the Nasdaq.
- The pro forma enterprise value of the combined company is about $530 million, which includes up to $57 million in cash held in Abri’s trust account.
- “Today’s merger is a significant milestone toward creating value for our shareholders and one that will help accelerate our growth, as well as growth of digital asset markets,” Apifiny founder and CEO Haohan Xu said in a press release provided to CoinDesk.
- Founded in 2018, New York-based Apifiny offers a trading network with global price discovery across 25 exchanges, automated market maker liquidity and institutional-grade security and compliance.
- Apifiny has partnerships with a number of high-volume digital asset exchanges, including Huobi Global, OKEx, Kucoin, OKCoin and Blockchain.com’s exchanges.
- The Apifiny board includes Tim Murphy, a former deputy director of the Federal Bureau of Investigation (FBI), and Laurence Charney, former partner of Ernst & Young.
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Brandy covered crypto-related venture capital deals for CoinDesk.