Adam Back's Bitcoin Standard Treasury Company (BSTR) and Cantor Equity Partners I (CEPO) are negotiating new merger terms after scrapping their original July 2025 agreement, citing changing market conditions:
- BSTR and Cantor Equity Partners will not complete their merger under the original terms:
- The planned PIPE financing has been dropped, and the July 10 shareholder meeting has been postponed indefinitely:
- CEPO shares continue to trade around $10.50:
The companies announced Wednesday that they will not complete the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with further details expected in future filings with the U.S. Securities and Exchange Commission:
As part of the changes, the previously announced private placement financing tied to the merger will no longer be required to close:
CEPO also indefinitely postponed its shareholder meeting, which had been scheduled for July 10:
This announcement follows a series of delays. In June, CEPO postponed its shareholder meeting to allow additional time and extend the redemption deadline:
BSTR first unveiled plans in July 2025 to go public through a SPAC merger with Cantor Equity Partners. The company was expected to debut with more than 30,000 bitcoin on its balance sheet:
