Global Blockchain to shut down and redeem shares

Published 09/04/2025, 21:38
Global Blockchain to shut down and redeem shares

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.