Blockchain Moon Acquisition Corp. (BMAQ) Terminates DLTx Deal, Intends to Liquidate
Blockchain Moon Acquisition Corp.(NASDAQ:BMAQ) announced this afternoon that it has unilaterally terminated its deal with Web 3.0 infrastructure builder DLTx ASA (OSX:DLTX).
As a result of the termination, the SPAC’s sponsor, Jupiter Sponsor LLC, disclosed that it will not contribute any additional funds to its trust account. Accordingly, Blockchain Moon will liquidate and dissolve as soon as practicable.
The SPAC did not provide further details on their separation, but this marks the second crypto termination of the week following Globalink Investment’s (NASDAQ:GLLI) fallout with Tomorrow Crypto.
Blockchain Moon initially intended on funding the deal with $115.8 million from its trust, but redemptions took out 84.56% of the account during an extension vote in October 2022, leaving it with $17.87 million post-vote. It originally announced the $163 million business combination with DLTx in October 2022 and expected to close the deal this summer. Oslo-based DLTx mines and invests in crytpocurrencies while providing digital services on a series of blockchain-based platforms.