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ORLANDO, Fla. - Global Blockchain Acquisition Corp. (NASDAQ:GBBK), a special purpose acquisition company currently trading near its 52-week high, announced today that it will cease its operations on Monday and will proceed to redeem all of its outstanding public shares shortly thereafter. According to InvestingPro data, the stock's RSI indicates overbought conditions, suggesting heightened investor activity ahead of this announcement. The decision comes as the company will not complete an initial business combination by the deadline of April 12, 2025.
The company's public shares will stop trading on the Nasdaq on Wednesday, April 13, 2025, and will be deemed cancelled at the close of business on that day. InvestingPro analysis reveals that GBBK's short-term obligations exceed its liquid assets, making this redemption process particularly significant for shareholders. Shareholders will retain the right to receive the redemption amount, which will be paid in cash and is equal to the per-share amount on deposit in the company's trust account, including earned interest but excluding payable taxes. This amount will be divided by the number of outstanding public shares.
Shareholders do not need to take any action to receive the redemption amount if their shares are held in street name. For investors looking to analyze similar SPAC situations, InvestingPro offers detailed financial health metrics and real-time trading signals across the SPAC sector. There will be no redemption rights or liquidating distributions for the company's warrants or rights, which will expire worthless.
Following the redemption of public shares, Global Blockchain Acquisition Corp. plans to dissolve and liquidate, subject to the approval of its remaining shareholders and board of directors, in accordance with Delaware law and other applicable legal requirements. The company has not been profitable over the last twelve months, as revealed by InvestingPro analysis.
The company also expects the Nasdaq Stock Exchange to file a Form 25 with the United States Securities and Exchange Commission (SEC) to delist the company's securities, and intends to file a Form 15 with the SEC to terminate the registration of its securities under the Securities Exchange Act of 1934.
The information provided in this announcement includes forward-looking statements, which involve certain risks and uncertainties that could cause actual future results to differ from expected results. The company cautions investors not to place undue reliance on these forward-looking statements and does not undertake any obligation to update them.
This news is based on a press release statement from Global Blockchain Acquisition Corp.
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