By Chris Wack

 

Arisz Acquisition Corp. said it was in a deal to make Finfront Holding Company, a digital asset mining service also known as BitFuFu, a publicly traded company.

The special purpose acquisition company said BitFuFu will list on Nasdaq under an anticipated ticker symbol FUFU.

The transaction values the company at a pro forma enterprise value of $1.5 billion, Arisz and Finfront said.

The transaction is expected to provide more than $129 million in cash proceeds to BitFuFu at closing. Existing BitFuFu stockholders are retaining 100% of their equity in the combined company, Arisz and Finfront said.

BitFuFu's management team, led by its founder Leo Lu, will continue to run the company after the transaction, Arisz and Finfront said.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

January 25, 2022 08:32 ET (13:32 GMT)

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