tZERO to go public in $350M SPAC merger as TZRO
7.1 Investments tZERO will go public via a $350M SPAC merger with FG Imperii, listing as TZRO on NYSE American. The deal includes milestone-based share releases and up to $231M in trust cash.
Tokenization firm tZERO is set to go public through a merger with FG Imperii Acquisition Corp., a special purpose acquisition company (SPAC). The deal values tZERO at $350 million before new capital and is expected to close in early 2027. Upon completion, the combined company will be listed on NYSE American under the ticker TZRO. The transaction could provide up to $231 million in SPAC trust cash, subject to shareholder redemptions and expenses. Existing tZERO shareholders are anticipated to roll over 100% of their equity. Additionally, the agreement includes up to $25 million contingent on achieving specific milestones, with 2.5 million shares held in escrow and released based on derivatives-related goals and positive adjusted EBITDA. tZERO’s valuation is supported by its suite of U.S. licenses, including broker-dealer, ATS, transfer agent, and derivatives clearing organization registrations. This move highlights the growing momentum of tokenization in financial markets, with the broader crypto sector closely monitoring its impact.
