The Technology team advised Abra Financial Holdings, Inc. ("Abra") on entering into a definitive business combination agreement with New Providence Acquisition Corp. III (Nasdaq: NPACU) (“New Providence”), a special purpose acquisition company, for a transaction to take Abra’s business public. Under the terms of the business combination agreement, New Providence will be renamed Abra Financial, Inc. (the “Combined Company”) and its common stock is expected to be listed on Nasdaq under the ticker symbol “ABRX”. The Combined Company will serve high net-worth, institutional, fund and family office clients in a rapidly expanding market at the intersection of the $100 trillion wealth management industry and the digital asset and tokenization sectors. The transaction consideration, in the form of newly-issued Combined Company securities, is based on a $750 million pre-money equity value of Abra.
This deal builds on Goodwin’s work with Abra over the last 12 years, reflecting the firm’s continued role as a trusted advisor to the company across its transformative transactions.
Abra is a leading crypto-native products and wealth management platform, offering institutions and individual investors a suite of digital asset services including custody, trading, yield, lending, and advisory services through its SEC-registered investment advisor. Founded in 2014 and headquartered in San Francisco, California, Abra offers yield, custody and trading services through its subsidiary, Abra Capital Management, an SEC-registered investment advisor operating as a fiduciary to clients with separately managed client accounts.
The Goodwin team was led by Caine Moss, Mitzi Chang, Jocelyn Arel, Jeff Letalien, Wei Xu, Della Fok, Yifeng Yuan, Minji Kim, Timbre Griffin, Artimus Cunningham, Askhari Little (Corporate, Capital Markets, SPAC M&A and Digital Assets), Robert Kester and Gregg Coughlin (Tax), Brynn Peltz and Daniel Ji (Investment Funds), Christina Lewis and Alastair Papworth (Employment), Jacquelyn Burke (Insurance), Natascha George, Eric Graffeo and Dasol Lee (Benefits), Jia Jia Huang (IP Transactions), Paul Jin and Kevin Walsh (HSR), Jacob Osborn, Ce Li and Stephen Migala (Global Trade), Folake Ayoola (Public Company Advisory), Omer Tene (Privacy), Nathan Brodeur (Environmental), Patrick Menasco and Hasan Cetin (ERISA), and William Stern (Financial Services), with invaluable assistance from Joel Jacobson, Susie Chen, Cindy Navarro, Luca Amato, Madison Porter, Frances Dea, and Keith Janowitz.
For more information on the deal, please read the press release.