FitFuFu and SPAC merger was pushed back to May

Cloud miner BitFuFu has decided to postpone its merger with SPAC until May. It is the second time the go-live has had to be postponed. 

BitFuFu is a division of Bitmain, the largest producer of mining equipment. The miner announced its intentions to start listing early last year. It was to do so through a merger with Arisz Acquisition Corp (a special acquisition company, SPAC). A public listing was supposed to take place as early as Q3 2022, and the value was estimated at $1.5 billion. However, the process has been pushed back to May. 

The decision to extend the deadline was made so that Arisz Acquisition Corp could complete all operations for the merger. 

Given that the deadline has also been postponed before, there is a possibility that it will happen again if shareholders fail to approve the founding documents. For Arisz Acquisition Corp. also generates $690,000 in financial proceeds. 

Recall that Bitmain and BitFuFu signed a strategic partnership agreement in 2022 to bring cryptocurrency mining services to market. It is easy to guess that plans to merge and enter the exchange had to be changed due to the crisis phenomena faced by the crypto-sphere last year.