Key facts
- Securitize expects to raise approximately $400 million in gross proceeds from its merger with Cantor Equity Partners II.
- Fewer than 30% of Cantor Equity Partners II shareholders opted for share redemption.
- The merger is scheduled to close on Wednesday, July 1.
- The combined company will be listed on the New York Stock Exchange under the ticker SECZ.
- Trading on the NYSE is expected to commence on Thursday, July 2.
Tokenization platform Securitize is poised to raise approximately $400 million through its upcoming public debut via a merger with Cantor Equity Partners II, a special purpose acquisition company (SPAC) backed by Cantor Fitzgerald. The company announced on Friday that final redemption results showed less than 30% of the SPAC's shareholders elected to redeem their shares, a figure that bolsters the expected capital infusion.
Securitize anticipates receiving around $400 million in gross proceeds from the merger, which includes related private investment in public equity (PIPE) financings, before accounting for transaction expenses. This move positions Securitize as the latest crypto-adjacent entity to pursue a public listing as Wall Street shows increasing interest in tokenization.
Shares of Cantor Equity Partners II saw a notable increase on Friday, closing up 7% at $10.86 and continuing to climb in after-hours trading. This rise was attributed to the announcement of lower-than-expected shareholder redemptions.
The merger is slated to finalize on Wednesday, July 1, contingent upon shareholder approval on Monday and other closing conditions. Following the completion, the company is expected to begin trading on the New York Stock Exchange under the ticker symbol SECZ on Thursday, July 2.
Securitize co-founder and CEO Carlos Domingo highlighted the significance of reaching the public markets, stating it reflects the growing momentum behind tokenization. He noted that what was once a theoretical concept for major institutions has now become a mainstream movement.
Securitize boasts backing from prominent institutions such as BlackRock and Morgan Stanley, alongside crypto firms like Coinbase and Circle. The company has established a leading position in the tokenization sector, which involves representing assets on blockchains. Notably, Securitize partnered with the New York Stock Exchange in March to develop tokenized assets for the exchange's forthcoming tokenized securities platform.