Gate News, March 16 — Digital asset wealth management platform Abra Financial Holdings, Inc. announced today that it has reached a definitive merger agreement with special purpose acquisition company New Providence Acquisition Corp. III (Nasdaq: NPACU) to go public via SPAC. The new company is expected to list on Nasdaq under the ticker symbol “ABRX” after the merger. Key terms of the transaction include: a valuation based on Abra’s pre-money equity valuation of $750 million; an expected cash infusion of up to $300 million (from trust account holdings, net of shareholder redemptions); Abra’s existing shareholders will transfer 100% of their equity into the combined company, including well-known institutions such as Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI. The new company will serve the $100 trillion wealth management market, focusing on digital assets and tokenization.
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