ReserveOne Terminates $1 Billion SPAC Merger with M3-Brigade Acquisition V Corp.

BTC-0.27%
TOKEN2.75%
According to ChainCatcher, crypto asset management firm ReserveOne has terminated its $1 billion merger with special purpose acquisition company (SPAC) M3-Brigade Acquisition V Corp. (MBAV). Major investors demanded the deal's cancellation, citing significant declines in bitcoin and token prices since the merger was announced around a year ago. The investors assessed that ReserveOne's shares would trade below net asset value upon listing, and factoring in fees to bankers and sponsors, the deal no longer made economic sense.
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