Abra Financial and New Providence to Merge at $750M Valuation

Abra Financial and New Providence Acquisition Corp. III announced that they have entered into a definitive business combination agreement for a transaction to take Abra's business public. Under the terms of the business combination agreement, New Providence will be renamed Abra Financial and its common stock is expected to be listed on Nasdaq under the ticker symbol (ABRX). The combined transaction consideration, in the form of newly-issued combined company securities, is based on a $750M pre-money equity value of Abra. Existing equity holders of Abra, including Adams Street, Blockchain Capital, Pantera Capital, RRE Ventures, and SBI will roll 100% of their interests into the combined company. Under the terms of the business combination agreement and subject to redemptions by New Providence public shareholders at or prior to closing, and the terms and amounts of any financing transactions in which the parties may engage in accordance with the terms of the business combination agreement, Abra equity holders are expected to hold a majority of the Combined company shares outstanding immediately after the closing. Proceeds to Abra from the transaction, after satisfaction of shareholder redemptions and transaction expenses, if any, are expected to be used by Abra for working capital and other purposes, including further development of Abra management's growth strategies, increased sales and marketing spend, among other purposes. Prior to entering into the business combination agreement, the board of directors of each of New Providence and Abra unanimously approved the transactions, which will also be submitted for approval by New Providence's shareholders and Abra's stockholders prior to, and as a condition of, the closing. The transaction is subject to the satisfaction or waiver of customary closing conditions.