GWAC - Good Works Acquisition stock higher on taking U.S. based bitcoin miner Cipher Mining public at $2B valuation

March, 05 2021 07:23 AM Good Works Acquisition Corp.

U.S.-based Bitcoin mining operation, Cipher Mining Technologies to list on Nasdaq under ticker 'CIFR' through a business combination with SPAC Good Works Acquisition (GWAC) at $2B valuation.The combined company is expected to receive ~$595M in gross cash proceeds from a combination of cash from a $425M fully committed stock PIPE, including a $50M investment in-kind from Bitfury and ~$170M in cash held in Good Works’ trust account.Cash from the transaction will be used to fund the planned build out of the mining facilities of the company. Cipher Mining is a newly formed subsidiary of Bitfury Top HoldCo B.V., a leading provider of Bitcoin mining hardware and other blockchain software and services.GWAC +7.4% premarket.

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Good Works Acquisition stock higher on taking U.S. based bitcoin miner Cipher Mining public at $2B valuation

Company Name:	Good Works Acquisition Corp.
Stock Symbol:	GWAC
Market:	NASDAQ

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