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JUST IN: The Ether Machine, a firm focused on treasury and performance with ether, canceled its SPAC merger with Dynamix Corporation in a major setback to its plans to list on Nasdaq.
The deal, valued at $1.6 billion, fell apart due to unfavorable market conditions, even though the company holds more than $1.1 billion in ETH on its balance sheet.
The Ether Machine and Dynamix Corporation mutually agreed to terminate their $1.6 billion SPAC merger. Dynamix will receive a $50 million termination payment within 15 days, according to a filing with the SEC.