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Arisz Acquisition Corp. (NASDAQ: ARIZ) announced an extension of the deadline for completing a business combination with Finfront Holding Company (BitFuFu). The Company's initial public offering sponsor, Arisz Investments LLC, has deposited $690,000 into the trust account, extending the deadline from February 22 to May 22, 2023. This marks the second of two allowable three-month extensions. The extension is crucial for allowing Arisz to finalize the proposed transaction, which is significant to its future prospects.
Arisz Acquisition Corp. (NASDAQ: ARIZ) announced on February 7, 2023, an extension of the period to complete a business combination with Finfront Holding Company (BitFuFu) from February 22, 2023, to May 22, 2023. This marks the second of two possible three-month extensions under its governing documents. The company's sponsor, Arisz Investments LLC, will deposit $690,000 into the trust account to facilitate this extension. The announcement highlights the ongoing efforts to finalize the business combination, which is crucial for the future operations and prospects of Arisz.
Brodsky & Smith has initiated investigations regarding possible fiduciary duty breaches by the Boards of several SPACs, including Sports Ventures Acquisition Corp. (AKIC). The investigation focuses on whether the Boards conducted fair processes during their mergers, particularly concerning shareholder dilution. In the case of AKIC, the company plans to merge with DNEG, a visual effects and animation firm, retaining 14.9% ownership for Sports Ventures shareholders. Concerns are raised about potential financial implications and governance standards.
BitFuFu, a leading digital asset mining service provider, announced a definitive merger agreement with Arisz Acquisition Corp. (ARIZ). This transaction values the combined company at approximately $1.5 billion, with a projected revenue of $330 million for FY 2022, reflecting a 230% year-over-year growth. The merger is supported by a $70 million PIPE financing and is expected to close in Q3 2022, allowing BitFuFu to enhance its market position and expand its services globally through a strategic partnership with Bitmain.