Miner Tomorrow Crypto Looks to Go Public Through SPAC Merger

The proposed merger is expected to close in the fourth quarter, subject to stockholder and regulatory approval.

AccessTimeIconAug 4, 2022 at 10:58 a.m. UTC
Updated May 9, 2023 at 3:52 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Tomorrow Crypto, a bitcoin (BTC) and ether (ETH) mining infrastructure company, is looking to go public through a proposed a merger with Nasdaq-listed blank cheque firm Globalink Investment (GLLI), a special purpose acquisition company.

  • The proposed merger values Tomorrow Crypto at $310 million and is expected to close in in the fourth quarter of this year, subject to stockholder and regulatory approval, according to a Securities and Exchange Commission (SEC) filing on Thursday.
  • The transaction is expected to deliver gross proceeds of up to $131.7 million, which includes up to $116.7 million of cash held in Globalink's trust account. Net proceeds will be used for working capital and growth capital expenditure.
  • Tomorrow Crypto is a U.S.-based firm planning to establish infrastructure at facilities for institutional-grade clients to mine bitcoin and ether.
  • Mergers with special purpose acquisition companies (SPAC) have been a prevalent means of going public in recent years. The U.S. Securities and Exchange Commission (SEC) reported in March that over half of all initial public offerings in 2020-2021 were conducted using a SPAC.
  • However, such listings will be subject to sterner regulatory scrutiny going forward. The SEC said it would propose “specialized disclosure requirements with respect to, among other things, compensation paid to sponsors, conflicts of interest, dilution and the fairness of these business combination transactions.”
  • Bitcoin Miner Bitfarms Warns of Default
    04:20
    Bitcoin Miner Bitfarms Warns of Default
  • How Bitcoin Mining Got 'Even More Competitive' In 2022: Analyst
    01:17
    How Bitcoin Mining Got 'Even More Competitive' In 2022: Analyst
  • Crypto Mining Woes
    07:34
    Crypto Mining Woes
  • Stronghold Digital CEO on State of Bitcoin Mining Amid FTX Fallout
    07:43
    Stronghold Digital CEO on State of Bitcoin Mining Amid FTX Fallout
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.