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The encryption company Cube plans to go public through a SPAC merger and will invest 500 million dollars to acquire SOL reserves before the merger is completed.
According to a report from Newswire on October 22, Deep Tide TechFlow announced that special purpose acquisition company Mercer Park Opportunities Corp. has reached a definitive business combination agreement with hybrid digital asset exchange innovation company Cube Group, Inc. The transaction values Cube at $300 million and is expected to create a publicly traded entity aimed at transforming the global capital markets by connecting TradFi and Decentralized Finance.
According to the terms of the protocol, Mercer Park will acquire Cube through a business combination, making Cube a wholly-owned subsidiary of the merged company. One of the conditions for the completion of the transaction is that the merged company must use stock as consideration to acquire $500 million worth of Solana (SOL) tokens as a treasury. The purpose of this treasury purchase is to optimize treasury management through staking yield.