- Global Blockchain Acquisition Corp. (GBBK, Financial) announces its dissolution and redemption of public shares.
- Operations will end on April 14, 2025, following failure to complete a business combination by April 12, 2025.
- All GBBK warrants and rights will expire worthless, and the company will delist from Nasdaq.
Global Blockchain Acquisition Corp. (ticker: GBBK) has announced that it will dissolve and redeem all of its outstanding public shares. The company has been unable to complete an initial business combination by the specified deadline of April 12, 2025, leading to the cessation of its operations.
The trading of GBBK's public shares is scheduled to cease on April 13, 2025. Following this, the company plans to redeem all outstanding public shares within ten business days. The redemption value will be calculated based on the funds available in the trust account, including any interest earned, less applicable taxes, divided by the total number of outstanding shares. This move will extinguish all public shareholders' rights as shareholders.
Company warrants and rights will expire without any redemption value, leaving holders with no claim. Subsequent to these events, Global Blockchain Acquisition Corp. plans to delist from Nasdaq and terminate its securities registration with the United States Securities and Exchange Commission (SEC). The delisting process will involve filing a Form 25 followed by a Form 15 with the SEC to conclude the deregistration.
Shareholders who hold their shares directly will receive redemption payments upon delivery of their shares, while beneficial owners with shares held in 'street name' will not need to take any action to receive their proportion of the trust account funds.
