Harneys advises Finfront and Bitfufu on de-SPAC merger and NASDAQ listing
Harneys acted as Cayman Islands legal counsel to Finfront and Bitfufu, a Singapore-based crypto mining platform, on Bitfufu’s de-SPAC business combination with blank-check company Arisz Acquisition Corp. The transaction completed on 29 February 2024. Following completion, the listed company BitFuFu Inc. commenced trading its Class A ordinary shares and warrants on the Nasdaq Stock Market on 1 March 2024 under the ticker symbols “FUFU” and “FUFUW”.
BitFuFu is a fast-growing digital asset mining service and a world-leading cloud mining service provider. Following completion of the merger, Bitfufu received US$74 million in private investment in public equity which it will use to expand its crypto mining offerings.
The Harneys team was led by Partner Raymond Ng with support from Counsel Denise Chan. Harneys Fiduciary serves as the Registered Office for Bitfufu and was actively involved in the merger. Wilson Sonsini acted as onshore counsel to Finfront and Bitfufu. Raymond commented: “We are pleased to have advised our clients on this transaction and wish Bitfufu every success in its plans to expand its crypto mining offerings. We anticipate this to be the first of many such strategic endeavours as we continue to advise clients on de-SPAC mergers throughout the year.”
The Corporate team at Harneys has a leading Equity Capital Markets (ECM) practice with substantial experience in all aspects of capital raising by offshore companies, including IPOs and secondary offerings, rights issues, equity linked securities, including convertible and exchangeable bonds, SPACs, and business combinations, as well as private placements, take-privates, takeovers and spin-offs. The firm’s ECM expertise lies in advising entities listed or listing on all major stock exchanges, including the New York Stock Exchange, NASDAQ, the London Stock Exchange, AIM, the Hong Kong Stock Exchange, the Shanghai Stock Exchange, and the Luxembourg Stock Exchange.
