Abra to Go Public via $750M SPAC Merger

Digital asset wealth management platform Abra announced on Monday that it will go public through a merger with special purpose acquisition company New Providence Acquisition Corp. III, in a deal valuing the firm at $750 million on a pre-money basis. The combined entity, to be renamed Abra Financial Holdings Inc., is expected to list on Nasdaq under the ticker symbol ABRX once the transaction closes.

The merger provides Abra with access to up to $300 million in cash from New Providence's trust account, though the final amount will depend on shareholder redemptions and other deal-related expenses. Existing Abra investors, including Adams Street Partners, Blockchain Capital, Pantera Capital, RRE Ventures and SBI Holdings, have agreed to roll 100 percent of their equity into the combined company. The deal has been approved by the boards of both entities but requires shareholder approval and satisfaction of customary closing conditions, including regulatory reviews.

Founded in 2014 by CEO Bill Barhydt and headquartered in San Francisco, Abra initially launched as a mobile cryptocurrency wallet and remittance app for retail users. Over the years, it expanded into institutional...