Abra, a cryptocurrency asset platform, said it plans to go public on the Nasdaq through a merger with New Providence Acquisition Corp. III, a SPAC, in a deal valued at $750 million. The arrangement would inject up to $300 million in cash from the SPAC’s trust, with the final amount depending on shareholder redemptions and transaction costs. The merged entity is expected to be renamed Abra Financial Inc. and trade on Nasdaq under the ABRX ticker.
Closing is contingent on approvals from Abra’s shareholders and regulators, after which the company plans to use proceeds to expand product development, hiring, and custody and yield-generating services for institutions. Abra, founded in 2014 and based in San Francisco, provides a range of services to cryptocurrency investors. The company said the proceeds would support expansion into areas such as tokenized real assets and decentralized finance.
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