UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 7.01 Regulation FD Disclosure.
On August 17, 2023, Global Blockchain Acquisition Corp., a Delaware corporation (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with GB Merger Sub Inc., a Georgia corporation and wholly-owned subsidiary of the Company (“Merger Sub”), Cardea Corporate Holdings, Inc., a Georgia corporation (“Cardea”), Dr. Max Hooper, an individual, in the capacity as representative for the Company and its subsidiaries, and Jordan Waring, an individual, in the capacity as the representative for shareholders of Cardea. Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, upon the consummation of the transactions contemplated thereby (the “Closing”), Merger Sub will merge with and into Cardea, with Cardea surviving as a wholly-owned subsidiary of the Company (the “Business Combination”), and with Cardea’s equity holders receiving shares of the Company’s common stock.
On August 17, 2023, the Company and Cardea issued a press release announcing their execution of the Merger Agreement. A copy of the press release is furnished hereto as Exhibit 99.1, and is incorporated herein by reference.
The information in this Item 7.01 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as expressly set forth by specific reference in such filing.
Important Information About the Business Combination and Where to Find It
In connection with the Merger Agreement and the proposed Business Combination, the Company intends to file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement/proxy statement on Form S-4 that will that also will constitute a prospectus of the Company with respect to the common stock of the Company (“Company Common Stock”) to be issued in the proposed transaction (the “proxy statement/prospectus”). The definitive proxy statement/prospectus (if and when available) will be delivered to the Company’s stockholders. The Company may also file other relevant documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of the proxy statement/prospectus (if and when available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge at: Global Blockchain Acquisition Corp., 6555 Sanger Road, Suite 200, Orlando, Florida 32827, attention: Dr. Max Hooper.
Participants in the Solicitation
The Company and Cardea, and their respective directors and executive officers are participants in the solicitation of proxies from the stockholders of the Company in respect of the proposed transaction. Information about the Company’s directors and executive officers and their ownership of Company Common Stock is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on May 17, 2023. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC in respect of the proposed transaction when they become available. You may obtain free copies of these documents as described in the preceding paragraph.
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Forward-Looking Statements
This Current Report on Form 8-K contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed business combination. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this Current Report on Form 8-K, including but not limited to: (i) the risk that the Business Combination may not be completed in a timely manner or at all, which may adversely affect the price of the Company’s securities; (ii) the failure to satisfy the conditions to the consummation of the Business Combination, including the approval of the Merger Agreement by the stockholders of the Company; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (iv) the outcome of any legal proceedings that may be instituted against any of the parties to the Merger Agreement following the announcement of the entry into the Merger Agreement and proposed business combination; (v) the ability of the parties to recognize the benefits of the Merger Agreement and the Business Combination; (vi) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue (vii) statements regarding Cardea’s industry and market size, (viii) financial condition and performance of Cardea, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the Business Combination, potential level of redemptions of the Company’s public stockholders, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Cardea, and (ix) those factors discussed in the Company’s filings with the SEC and that that will be contained in the definitive proxy statement/prospectus relating to the Business Combination. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the definitive proxy statement/prospectus and other documents to be filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Cardea and the Company may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. Neither of Cardea or the Company gives any assurance that Cardea or the Company, or the combined company, will achieve its expectations.
No Offer or Solicitation
This Current Report on Form 8-K will not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This Current Report on Form 8-K will also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended, or an exemption therefrom.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. The following exhibit is filed with this Form 8-K: |
| Exhibit No. | Description of Exhibits | |
| 99.1 | Press Release dated August 17, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GLOBAL BLOCKCHAIN ACQUISITION CORP. | ||
| By: | /s/ Max Hooper | |
| Max Hooper | ||
| Chief Executive Officer | ||
Dated: August 17, 2023
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Exhibit 99.1
Global Blockchain Acquisition Corp. and Cardea Corporate Holdings, Inc. Announce the Execution of a Definitive Merger Agreement
Cardea Corporate Holdings, Inc. will become a public company to advance its wealth management solutions business in the United States and internationally.
The business combination with Global Blockchain Acquisition Corp. values Cardea at an implied pro forma enterprise value of $175 million.
ORLANDO, FL and ATLANTA, GA, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Global Blockchain Acquisition Corp. (NASDAQ: GBBK) (“GBBK”), a publicly traded special purpose acquisition company, and Cardea Corporate Holdings, Inc. (“Cardea”), an emerging global wealth management firm, today announced they have entered into a definitive agreement for a business combination (the “Merger Agreement”).
The transaction reflects an implied pro-forma enterprise valuation for Cardea of approximately $175 million. The transaction consideration will be paid in newly issued shares of common stock of GBBK. Upon completion of the transaction, GBBK will be renamed “Cardea Capital Holdings, Inc.” and will be listed on The Nasdaq Stock Market LLC (“Nasdaq”). The transaction is expected to provide Cardea with financing to fund its growth strategy globally. Cardea aims to create value through aggregation and integration, bringing new and innovative wealth management solutions to acquisitions as they are integrated.
The merger is expected to allow Cardea to further accelerate its mission to bring multi-generational wealth and asset management solutions more accessible worldwide, according to Jordan Waring, Chairman and Group CEO of Cardea. “This deal is the next step in our journey to transform wealth management for the digital age while still building on traditional finance principles,” Waring said.
Neil Fillary, President and International CEO of Cardea, brings over 20 years’ experience growing financial services firms, both in traditional finance and digital finance globally. “The merger represents a tremendous opportunity for Cardea to rapidly expand our next-generation offerings across the globe,” Fillary commented.
GBBK Leadership Team Chairman, Al Weiss, said, “We recognized Cardea’s seasoned leadership, ambitious growth strategy, and approach to modernizing wealth management. We believe this merger will create substantial value for shareholders.”
Max Hooper, CEO of GBBK, remarked: “Cardea’s dynamic team and multi-faceted strategy make them the ideal partner as GBBK’s target acquisition. We look forward to working together to drive the future of finance forward.”
Together, GBBK and Cardea aim to responsibly apply emerging digital trends like blockchain, AI, and tokenized assets to expand access to next-generation wealth management services worldwide while delivering traditional wealth management services to its clients globally.
Transaction Overview
Under the terms of the Merger Agreement, a wholly-owned subsidiary of GBBK will merge with and into Cardea, with Cardea surviving, and Cardea will become a wholly-owned subsidiary of GBBK. The combined public company will be renamed “Cardea Capital Holdings, Inc.” Cardea shareholders will receive consideration in the form of newly issued shares of common stock of GBBK, valued based on an aggregate implied pro forma enterprise value for Cardea of $175 million, subject to customary adjustments for Cardea’s closing working capital, cash and debt and any unpaid transaction expenses.
The boards of directors of GBBK and Cardea both unanimously approved the proposed business combination. The closing of the transaction is subject to approval by Cardea’s stockholders and GBBK’s stockholders, and is subject to other customary closing conditions, including but not limited to GBBK’s receipt of a fairness opinion supporting the implied pro-forma enterprise valuation of Cardea. It is currently anticipated that the transaction will close by the end of the first quarter of 2024.
The description of the transaction contained herein is only a summary and is qualified in its entirety by reference to the definitive Merger Agreement relating to the transaction, a copy of which will be filed by GBBK with the Securities and Exchange Commission (the “SEC”) as an exhibit to a Current Report on Form 8-K.
Advisors
ArentFox Schiff LLP is serving as legal advisor to GBBK.
Ellenoff Grossman & Schole LLP is serving as U.S. legal counsel to Cardea.
About Cardea
Cardea is a cross-border wealth advisory, asset and investment management firm. Combining innovative tools and deep domain expertise, Cardea empowers families and advisors to make better informed decisions that impact multi-generational wealth. Cardea serves institutions, high-net-worth individuals, and families — navigating markets through socially responsible investing, providing efficient access to institutional grade investment opportunities and private office services that enable 360-degree NexGen Asset Management.
About Global Blockchain Acquisition Corp.
Global Blockchain Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses or entities. While GBBK may pursue an initial business combination target in any business, industry or geographical location, it intends to focus its search on businesses that are focused on blockchain related technology, economy, industries, and solutions.
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Important Information About the Proposed Business Combination and Where to Find It
In connection with the Merger Agreement and the proposed business combination, GBBK intends to file with the SEC a registration statement/proxy statement on Form S-4 that will also constitute prospectus of GBBK with respect to the common stock of GBBK to be issued in the proposed business combination (the “proxy statement/prospectus”). The definitive proxy statement/prospectus (if and when available) will be delivered GBBK’s stockholders. The Company may also file other relevant documents regarding the proposed business combination with the SEC. THIS PRESS RELEASE DOES NOT CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE PROPOSED BUSINESS COMBINATION AND IS NOT INTENDED TO FORM THE BASIS OF ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF THE BUSINESS COMBINATION. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF GBBK ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION.
Investors and security holders may obtain free copies of the proxy statement/prospectus (if and when available) and other documents that are filed or will be filed with the SEC by the Company through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge at: Global Blockchain Acquisition Corp., 6555 Sanger Road, Suite 200, Orlando, Florida 32827, attention: Dr. Max Hooper.
Participants in Solicitation
GBBK and Cardea, and their respective directors and executive officers, may be deemed participants in the solicitation of proxies of GBBK’s stockholders in respect of the proposed business combination. GBBK’s stockholders and other interested persons may obtain more detailed information about the names and interests of these directors and officers of GBBK and Cardea in the business combination will be set forth in GBBK’s registration statement on Form S-4, including a proxy statement/prospectus, when it is filed with the SEC. These documents can be obtained free of charge from the sources specified above and at the SEC’s web site at www.sec.gov.
This press release does not contain all the information that should be considered concerning the business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Before making any voting or investment decision, investors and security holders are urged to read the registration statement on Form S-4, the definitive proxy statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed business combination as they become available because they will contain important information about the proposed business combination.
No Offer or Solicitation
This press release will not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the business combination. This press release will also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended, or an exemption therefrom.
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Forward-Looking Statements
The information in this press release contains certain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to the proposed business combination. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result” and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the business combination may not be completed in a timely manner or at all, which may adversely affect the price of GBBK’s securities; (ii) the failure to satisfy the conditions to the consummation of the business combination, including the approval of the Merger Agreement by the stockholders of GBBK; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (iv) the outcome of any legal proceedings that may be instituted against any of the parties to the Merger Agreement following the announcement of the entry into the Merger Agreement and proposed business combination; (v) the ability of the parties to recognize the benefits of the Merger Agreement and the business combination; (vi) the lack of useful financial information for an accurate estimate of future capital expenditures and future revenue; (vii) statements regarding Cardea’s industry and market size; (viii) financial condition and performance of Cardea, including the anticipated benefits, the implied enterprise value, the expected financial impacts of the business combination, potential level of redemptions of GBBK’s public stockholders, the financial condition, liquidity, results of operations, the products, the expected future performance and market opportunities of Cardea; and (ix) those factors discussed in GBBK’s filings with the SEC and that that will be contained in the definitive proxy statement/prospectus relating to the business combination. You should carefully consider the foregoing factors and the other risks and uncertainties that will be described in the “Risk Factors” section of the definitive proxy statement/prospectus and other documents to be filed by GBBK from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while Cardea and GBBK may elect to update these forward-looking statements at some point in the future, they assume no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. Neither of Cardea or GBBK gives any assurance that Cardea or GBBK, or the combined company, will achieve its expectations.
Contact:
Global Blockchain Acquisition Corp.
Jonathan Morris
jonathan@globalblockchainpartners.com
(407) 720-9250
Cardea Corporate Holdings, Inc.
Jordan Waring or Neil Fillary
jordan.waring@cardeacap.co.uk
neil.fillary@cardeacorp.com
(478) 749-9915
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