Ether Machine has ended its planned SPAC merger with Dynamix, saying the decision was mutual and driven by unfavorable market conditions.
The cancelled deal would have taken the Ethereum treasury firm public and supported a proposed $1.5 billion yield-bearing ETH fund.
Ether Machine has scrapped its merger with Dynamix, pulling the plug on a SPAC deal that was meant to bring one of the more closely watched Ethereum treasury plays to public markets.
In a post published Saturday, the company said the decision was mutual and effective immediately. The transaction had been structured as a business combination involving Nasdaq-listed special purpose acquisition company Dynamix, with The Ether Reserve LLC also part of the arrangement. Ether Machine said the agreement was terminated because of unfavorable market conditions.
A public listing plan stalls before launch
The collapse of the deal matters because Ether Machine was not pitching a routine crypto listing. The company had aimed to l
