Blockchain Moon Acquisition Corp. (BMAQ) Reverses Decision to Liquidate
After announcing its intent to liquidate yesterday, Blockchain Moon Acquisition Corp.(NASDAQ:BMAQ) disclosed this afternoon that it no longer plans to dissolve its trust and will instead continue its search for an alternative target to combine with.
The decision to liquidate followed the SPAC’s unilateral termination of its $163 million deal with Web 3.0 infrastructure builder DLTx ASA (OSX:DLTX). Just yesterday, Blockchain Moon’s sponsor, Jupiter Sponsor LLC, stated that due to the deal termination, it would not contribute any additional funds to its trust account.
But, the SPAC has now retracted its statement and the sponsor anticipates that it will continue to contribute funds to the SPAC’s trust.
Blockchain Moon initially planned on funding the DLTx deal with $115.8 million from its trust, but redemptions took out 84.56% of the account during an extension vote held in October 2022, leaving it with $17.87 million post-vote. The SPAC has already used 2 of its 6 one-month extensions and if it plans to use the rest of its extensions available, it will have until July 21 to complete a business combination.