Crypto company Abra to go public in blank-check merger

Reuters03-16 19:05

Crypto company Abra to go public in blank-check merger

By Hannah Lang

March 16 (Reuters) - Crypto wealth management platform Abra plans to go public through a merger with blank-check firm New Providence Acquisition Corp III, amid renewed investor interest in digital asset companies, Abra said on Monday.

After the transaction closes, the combined company will operate as Abra Financial Holdings, Inc., and anticipates listing on the Nasdaq exchange.

Here are some details:

The transaction is based on a $750 million pre-money equity value of Abra
Existing Abra investors, including Pantera Capital and Adams Street, will roll 100% of their interests into the combined company
"This is just the next logical step for us," said Bill Barhydt, founder and CEO of Abra, in an interview. "We believe that we're headed for really big things, big growth in the coming years."
Abra offers crypto custody, trading and lending for registered investment advisers, private clients, family offices and hedge funds, and is itself a registered investment adviser
Abra agreed to a settlement in 2024 with the U.S. Securities and Exchange Commission over allegations that the company's lending product Abra Earn -- which has since been wound down -- should have been registered as a security
Also in 2024, Abra settled with 25 state financial regulators after the states found that Abra operated in the jurisdictions without obtaining required licenses

(Reporting by Hannah Lang in New York; editing by Diane Craft)

((Hannah.Lang@thomsonreuters.com;))

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