TZERO plans SPAC merger to list on NYSE American at $350 million valuation

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TZERO SPAC NYSE listing

Highlights

tZERO will go public via a SPAC merger with FG Imperii Acquisition Corp., targeting a $350 million valuation and NYSE American listing under TZRO in early 2027.
Investors holding about 62% of tZERO’s fully diluted capital have signed agreements supporting the deal, and current shareholders will retain equity in the merged entity.
Intercontinental Exchange remains an investor as tZERO, with over 100 blockchain-related patents, is selected to help design NYSE's blockchain-based trading platform amid intensifying competition in tokenized assets infrastructure.

Listing structure and capital plan

As reported by CoinDesk, tZERO plans to go public through a merger with blank-check company FG Imperii Acquisition Corp., with the combined company set to trade on NYSE American under the ticker TZRO.

The transaction is expected to close in early 2027, pending shareholder and regulatory approvals. Existing tZERO shareholders are expected to retain their equity in the combined company, while investors representing about 62% of its fully diluted capital have signed support agreements.

Chief executive Alan Konevsky says the proposed deal is intended to give the company greater access to capital as it expands its Infrastructure-as-a-Service model for institutions seeking to launch tokenized products under their own brands. Konevsky is expected to remain CEO after the merger closes.

Tokenization demand and sector positioning

Wall Street interest in tokenization is increasing as banks and asset managers explore how stocks, bonds and funds can be issued, traded and settled on blockchain infrastructure. Citi estimates the market could reach $5.5 trillion by 2030, adding momentum to demand for the platforms that support those functions.

tZERO says it has operated in blockchain-based securities markets since 2014 through regulated subsidiaries that provide trading, brokerage, custody and transfer agent services for digital securities. The company also holds more than 100 blockchain-related patents tied to tokenization and securities infrastructure, although those assets are also part of an ongoing legal dispute with rival Securitize.

Intercontinental Exchange, the parent of the New York Stock Exchange, is among tZERO's investors and has selected the firm as one of the design partners for the NYSE's blockchain-based securities trading platform. That relationship adds to tZERO's profile as competition grows among firms building the underlying infrastructure for tokenized financial assets.

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