Abra and New Providence Acquisition Corp. III announced a business combination to list Abra Financial on Nasdaq as ABRX.
Abra Financial Holdings said it has entered into a definitive business combination agreement with New Providence Acquisition Corp. III to take Abra public.
Under the agreement, New Providence will be renamed Abra Financial, Inc., with its common stock expected to list on Nasdaq under the ticker symbol “ABRX”. The transaction consideration, in the form of newly issued Combined Company securities, is based on a US$750 million pre-money equity value of Abra.
Existing Abra stockholders, including Adams Street, Blockchain Capital, and Pantera Capital, will roll 100% of their interests into the combined company.
The combined entity will serve high-net-worth, institutional, fund and registered investment adviser (RIA) clients, positioned at the intersection of the US$100 trillion wealth management market and the digital asset and tokenisation sectors.
The transaction is expected to deliver growth capital, including up to US$300 million of cash held in trust, subject to reductions for redemptions.
Abra said it is targeting over US$10 billion in assets under management by the end of 2027, and expects to support tokenised real-world assets such as tokenised equities and tokenised real estate.
Bill Barhydt, Founder and CEO of Abra, said: “Our aim is to bring institutional-grade on-chain crypto wealth management products to investors worldwide within a regulated and transparent framework.”
Alex Coleman, Co-Chairman of New Providence, said: “We believe Abra is poised for significant and sustained growth as the world moves to a tokenised and digital assets-based financial system.”
The companies said Abra equity holders are expected to hold a majority of shares outstanding immediately after closing, subject to redemptions and any financing transactions.
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