Fintech Firm Qenta to Go Public Through SPAC Merger
Qenta, a fintech firm that tracks precious metals using blockchain technology, will be listed on Nasdaq following a merger with special purpose acquisition company (SPAC) Blockchain Coinvestors Acquisition Corp, according to an SEC filing.
Both companies have unanimously approved the transaction, which is expected to be completed in the first half of 2023.
Once completed, the combined company will have an initial market cap will be approximately $904 million.
Qenta also secured $180 million in capital from GEM Global Yield, a Luxembourg investment firm. GEM will provide Qenta with a share subscription facility for 48-months.
Qenta has forayed into the digital asset space from precious metals, it focuses on digitizing transactions while offering provenance, custody and ownership tracking through blockchain technology.