Bitcoin Depot says SPAC merger will continue as planned after solid revenue growth
The firm's revenue increased by 25.25% to $497.2 million in the first nine months of 2022. According to a new filing with the U.S. Securities and Exchange Commission on Dec. 1, crypto ATM operator Bitcoin Depot said it "remains on track to complete its previously announced Business combination with GSR II Meteora Acquisition Corp." The merger with the special purpose acquisition vehicle, or SPAC, is scheduled to occur in the first quarter of 2023, subject to shareholder and regulatory approval. Bitcoin Depot estimates that the deal will infuse the company with up to $170 million in cash proceeds net of debt repayment. In its earnings report for year-to-date financials that ended Sept. 30, released the same day, Bitcoin Depot disclosed that its revenue grew by 25.25% year over year to $497.2 million. However, the company barely broke even with $4.622 million in net income compared to $9.587 million for the first nine months of 2021, partly due to a sharp increase in in...