Crypto mining firm PrimeBlock terminates merger with 10X Capital

Bitcoin (BTC) mining company PrimeBlock has ended its plans to go public via a merger with blank check company 10X Capital Venture Acquisition (VCXA).

According to a SEC filing, PrimeBlock and VCXA terminated their agreement which would have allowed Prime Blockchain to go public, by mutual consent on August 12.

Plans for the listing were confirmed in April with expectations that the merger would be completed in the second half of 2022 carrying an enterprise value of $1.25 billion.

No official reason has been given for termination of the deal, although the recent uncertainty in the crypto markets could be a factor.