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GSR II Meteora Acquisition Corporation (NASDAQ: GSRM) is a special purpose acquisition company (SPAC) established to facilitate mergers, capital stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations with one or more entities. With a leadership team comprising co-CEOs Gus Garcia and Lewis Silberman, President Anantha Ramamurti, and CFO Joseph Tonnos, GSRM is dedicated to identifying and merging with promising private companies to bring them to the public market. The company's strategic partnership with Meteora Capital, an investment adviser specializing in SPAC-related investments, amplifies its capabilities in executing successful business combinations.
Recently, on August 24, 2022, GSRM entered a definitive agreement with Bitcoin Depot, a leading provider of cryptocurrency kiosks in North America. This business combination is expected to culminate in Bitcoin Depot becoming a publicly listed company under the new ticker symbol “BTM” on Nasdaq. Founded in 2016, Bitcoin Depot aims to connect cash users to the digital financial system, offering services such as converting cash to cryptocurrency via kiosks and the BDCheckout product available at thousands of retail locations. Bitcoin Depot boasts around 6,440 kiosk locations, holding the largest market share in North America in its category. The merger aims to leverage Bitcoin Depot’s established market position and expand its service offerings to a broader audience.
GSRM has scheduled a special meeting of stockholders to approve this proposed business combination on June 28, 2023, at 10:00 a.m. Eastern Daylight Time. This meeting will be held virtually, and GSRM encourages all stockholders to attend and participate. Stockholders of record as of June 1, 2023, have been mailed the Proxy Statement, which includes important information about the proposed merger. The transaction is anticipated to close around June 30, 2023, subject to stockholder approval and other customary closing conditions.
Stockholders and investors are advised to read the Proxy Statement and other relevant documents filed with the SEC carefully. These documents contain critical details about the business combination and stockholder proposals. For further information, visit www.gsrmet.com or www.bitcoindepot.com.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) announced preliminary financial results for its target company, Bitcoin Depot, for Q1 2023. The company expects total revenues of $163 million to $165 million, reflecting a 5% to 6% increase from $155 million in the same period last year. Net income is projected to be between $5 million and $6 million, a significant recovery from a loss of $3 million in Q1 2022. Adjusted EBITDA is anticipated to be between $13 million and $14 million, marking a 117% to 133% rise from $6 million year-over-year. GSRM plans to finalize the business combination with Bitcoin Depot in Q2 2023, contingent on regulatory and stockholder approvals. This merger is expected to yield up to $170 million in cash proceeds, bolstering Bitcoin Depot's financial position.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) announced an amended proxy statement regarding its business combination with Bitcoin Depot, a leading Bitcoin ATM operator in the U.S. The amended statement includes Bitcoin Depot’s financial performance for 2022, revealing an 18% increase in revenue to $646.8 million and a 24% rise in gross profit to $53.5 million.
Bitcoin Depot has completed a software conversion to the BitAccess platform, enhancing operational efficiency and reducing costs. The company has secured partnerships with multiple convenience store brands across several states, expanding its footprint. The merger is expected to complete in Q2 2023, potentially providing $170 million in cash proceeds.
Bitcoin Depot has announced an agreement to install over 80 Bitcoin ATMs (BTMs) in Jacksons Food Stores across seven Western states, including Idaho, Nevada, and California. This partnership strengthens Bitcoin Depot's position in the rapidly growing BTM market and enhances its collaboration with key retailers in the convenience store sector. The company, which operates around 7,000 kiosks across the U.S. and Canada, aims to facilitate cash-to-Bitcoin transactions for users, expanding access to the digital financial ecosystem. Bitcoin Depot is also pursuing opportunities to acquire other operators to further consolidate the BTM industry. The significant expansion reflects Bitcoin Depot's growth strategy following its merger plans with GSR II Meteora Acquisition Corp. (GSRM), aimed at becoming publicly traded on Nasdaq under the ticker symbol BTM.
Bitcoin Depot has announced a partnership with GetGo Café + Market to install 125 Bitcoin ATMs across various locations in the Midwest and Mid-Atlantic regions. This strategic move aims to enhance Bitcoin access for customers while driving additional traffic to GetGo stores. With over 270 locations, GetGo focuses on providing high-quality food and convenience. Bitcoin Depot, a leader in the Bitcoin ATM space, allows users to easily convert cash into Bitcoin at approximately 7,000 kiosk locations throughout North America. This expansion is part of a broader strategy following the planned business combination with GSR II Meteora Acquisition Corp. (GSRM), expected to elevate Bitcoin Depot's market presence.
Bitcoin Depot has successfully converted all of its approximately 7,000 BTC kiosks to BitAccess software, significantly reducing its operating costs by over $3 million annually. This conversion, a first of its kind in the industry, vertically integrates their hardware and software, enhancing operational efficiency. The acquisition of a majority stake in BitAccess not only cuts licensing fees but also allows for the development of new business lines, improving revenue streams. With these advancements, Bitcoin Depot strengthens its market position and improves customer experience, as stated by CEO Brandon Mintz.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) announced that the proxy statement for its Special Meeting of Stockholders regarding the proposed business combination with Bitcoin Depot is still under SEC review. This delay means that the meeting will not occur until the SEC has finalized its assessment, and any proxies submitted before this completion won't be counted. Bitcoin Depot, founded in 2016, is a leading Bitcoin ATM operator with approximately 7,000 kiosks in North America, intending to transition to public trading under the ticker symbol 'BTM'.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) has announced a special meeting for stockholders on March 30, 2023, at 10:00 a.m. EDT to vote on the proposed business combination with Bitcoin Depot, a leading Bitcoin ATM operator. The meeting follows the filing of a definitive proxy statement with the SEC, which includes crucial information regarding the business combination. If approved, the combined entity will be named Bitcoin Depot Inc. and be listed on Nasdaq under the ticker symbol BTM. GSRM began mailing proxy materials to stockholders on February 8, 2023, for their review ahead of the vote.
GSR II Meteora Acquisition Corp. (NASDAQ: GSRM) has filed an amended proxy statement with the SEC regarding its business combination with Bitcoin Depot, a prominent Bitcoin ATM operator. The merger, expected in Q1 2023, will provide Bitcoin Depot with up to $170 million in cash proceeds post-debt repayment, contingent upon regulatory and shareholder approvals. Bitcoin Depot operates approximately 7,000 kiosks in North America, making it a significant player in the cryptocurrency space. This strategic move is anticipated to enhance its position in the fintech industry. The company was established in 2016 to connect cash users with the digital financial system.
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