PIPE investors have agreed to purchase 4,300,000 Series A Preferred shares, which will rank senior to common stock with regards to dividends and distributions but will not hold voting rights. Investors have also agreed not to redeem 700,000 shares at the SPAC’s upcoming June 28 completion vote.
Together, these moves are expected to provide $50 million in funding for ATM-operator Bitcoin Depot and well exceeds the combination’s $8 million minimum cash condition.
GSR II initially announced its $755 million combination with Bitcoin Depot in August 2022. Atlanta-based Bitcoin Depot manages a network of ATMs and retail payment points allowing consumers to make cash deposits and withdrawals from bitcoin wallets.