PRIMEBLOCK, AN INFRASTRUCTURE PROVIDER FOR BLOCKCHAIN TECHNOLOGY THAT MINES CRYPTOCURRENCIES, AND 10X CAPITAL VENTURE ACQUISITION CORP. II ANNOUNCE PLANNED MERGER

PRIMEBLOCK, AN INFRASTRUCTURE PROVIDER FOR BLOCKCHAIN TECHNOLOGY THAT MINES CRYPTOCURRENCIES, AND 10X CAPITAL VENTURE ACQUISITION CORP. II ANNOUNCE PLANNED MERGER

SAN FRANCISCO and NEW YORK, April 01, 2022 (GLOBE NEWSWIRE) – –

In Q4 2021, PrimeBlock created $24.4 million of income, and has north of 110 megawatts of introduced server farm capacity

Led by CEO Gaurav Budhrani, a previous Goldman Sachs venture banking veteran who prompted on more than $300 billion in crypto, innovation and regular assets transactions

Prime Blockchain Inc. (“PrimeBlock” or the “Company”), an expanded foundation supplier for blockchain innovation that claims and works a developing arrangement of exclusive server farms and crypto resources mining activities in North America, and 10X Capital Venture Acquisition Corp. II (Nasdaq: VCXA) (“10X Capital”), a unique reason securing organization (SPAC) supported by 10X Capital, today reported the execution of an authoritative Business Combination Agreement. After shutting of the exchange, which esteems the joined organization at an expected endeavor worth of $1.25 billion, previous Goldman Sachs speculation banking veteran Gaurav Budhrani will be CEO and the consolidated organization is supposed to list its stock on the NASDAQ stock market.

10X Capital and PrimeBlock have gotten a $300 million submitted value supporting office from CF Principal Investments LLC, an associate of Cantor Fitzgerald and Co.

PrimeBlock CEO Gaurav Budhrani said, “We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital. We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business. We believe we are well-positioned to leverage our infrastructure and technology to provide PrimeBlock’s customers access to the underlying economics of public blockchains.”

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Differentiated Platform

PrimeBlock’s supervisory group has profound experience across the cryptographic money environment, as well as in scaling feasible organizations, capital business sectors, and innovation. Helped to establish by Web 3 business visionaries Chandler Song and Ryan Fang, whose previous public crypto projects incorporate Ankr (Coinbase:ANKR) and drove by previous Goldman Sachs veteran Gaurav Budhrani, whose previous clients incorporate Coinbase (Nasdaq:COIN) and IonQ (NYSE:IONQ), PrimeBlock works at scale as a quickly developing supplier of broadened foundation and exclusive equipment for the crypto resource mining environment. Its savvy, quickly conveyed, particular server farms have registering equipment, including GPUs and ASICs, which contribute network hash rate to public blockchains, including Bitcoin and Ethereum. Heading up procedure on the ground across North America is leader Gavin Qu, likewise previously of Goldman Sachs.

PrimeBlock created $24.4 million in income for Q4 2021 and looks to alleviate hazard and instability through its blend of self-mining and facilitating income streams, functional nimbleness and speed of sending. The Company has more than 110 megawatts of introduced server farm limit across 12 offices in North America, with an emphasis on North Carolina, Tennessee, and Kentucky, and a capacity to convey its exclusive measured server farm plan beginning to end in less than about two months from site acquisition.

Commitment to accomplishing manageable activities and neighborhood financial development

PrimeBlock endeavors to be a capable, moral organization and local area part. The Company intends to limit its ecological effect and produce work open doors in the networks where it keeps up with activities. For instance, PrimeBlock has sincerely promised to contract with energy suppliers zeroed in on carbon-impartial tasks. As of now, PrimeBlock sources around 60% of its power from non-carbon radiating sources, and plans to counterbalance the rest of. As a capable colleague and an inventive administrator, PrimeBlock hopes to execute extra supportability centered answers for clients, networks and in its business practices.

Partnership with 10X Capital

Hans Thomas, Chairman and CEO of 10X Capital, remarked, “Gaurav and the leadership team have articulated a clear and compelling vision for PrimeBlock. They have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. We are confident they bring the discipline, skills and relevant experience to continue to execute the strategy to achieve growth and value creation for all stakeholders. As co-founders of Ankr (Coinbase:ANKR), Ryan and Chandler have a proven track record of innovating and executing at scale in the Crypto / Blockchain space, and Gaurav has the deep technology and capital markets experience to translate this innovation to the public markets.”

Thomas proceeded, “10X Capital is focused on advancing environmental, social and governance (ESG) best practices and promoting Diversity, Equity, and Inclusion in our portfolio companies. We are very pleased to be working with the diverse and dynamic team at PrimeBlock. They have built strong relationships with key partners, including the Tennessee Valley Authority, one of the largest major utilities in the U.S., with a commitment to net-zero carbon emissions by 2050, and with approximately 60% of its current production from non-carbon emitting sources today.”

Key Transaction Terms

The Boards of Directors of PrimeBlock and 10X Capital have collectively endorsed the proposed consolidation, as most would consider to be normal to be finished in the last part of 2022, dependent upon administrative endorsement, the endorsement of the proposed consolidation by PrimeBlock’s investors and 10X Capital’s investors and the fulfillment or waiver of other standard shutting conditions.

Additional data about PrimeBlock’s tasks and monetary execution, alongside the exchange framed in the Business Combination Agreement, can be found in the financial backer show that will be documented by 10X Capital on a Current Report on Form 8-K with the Securities and Exchange Commission and can be seen at www.sec.gov.

Financial and Legal Advisors

Cantor Fitzgerald and Co. is filling in as capital business sectors guide to 10X Capital and Cohen and Company Capital Markets, a division of J.V.B. Monetary Group, LLC and Canaccord Genuity are filling in as monetary counselors to 10X Capital on this exchange. Lord and Spalding LLP is lawful direction to CF Principal Investments LLC regarding the Committed Equity Facility. Latham and Watkins LLP is lawful guidance to 10X Capital. White and Case LLP and Reed Smith LLP are each lawful guidance to PrimeBlock. DLA Piper LLP (US) is lawful insight to Cohen and Company Capital Markets.

About PrimeBlock

PrimeBlock is a differentiated framework supplier for blockchain innovation that claims and works a developing arrangement of restrictive server farms and crypto resources mining tasks in North America. With people group, maintainability, and execution filling in as core values, PrimeBlock means to make social great and structure securities inside the networks where it works effectively and economically. For more data, if it’s not too much trouble, visit: https://primeblock.com.

About 10X Capital

10X Capital is a funding and trading company at the nexus of Wall Street and Silicon Valley, adjusting institutional money to high development adventures. 10X Capital contributes across the capital design, with an attention on organizations utilizing innovation to disturb significant businesses, including finance, medical care, transportation and land. For more data, visit https://www.10XCapital.com/.

10X Capital Venture Acquisition Corp II (Nasdaq: VCXA) is a specific reason securing organization supported by 10X Capital, zeroed in on recognizing high development innovation and tech-empowered organizations locally and abroad in the purchaser web, web based business, programming, medical care, transportation/portability and monetary administrations enterprises, as well as different businesses which are being upset by propels in innovation and on innovation ideal models including man-made consciousness, robotization, information science, internet business and Software-as-a-Service. For more data, visit https://www.10XSPAC.com/.

Additional Information

In association with the proposed exchange, PrimeBlock will turn into the completely possessed auxiliary of 10X Capital and 10X Capital will be renamed Prime Blockchain Inc. as of the end of the proposed exchange. 10X Capital is supposed to document an enrollment articulation on Form S-4 (the “Form S-4”) with the U.S. Protections and Exchange Commission (“SEC”) that will incorporate an intermediary explanation and plan of 10X Capital. 10X and PrimeBlock encourage financial backers, investors and other intrigued people to peruse, when accessible, the Form S-4, including the starter intermediary articulation/outline and changes thereto and the conclusive intermediary explanation/plan and reports joined by reference in that, as well as different records documented with the SEC regarding the proposed exchange, as these materials will contain significant data about PrimeBlock, 10X Capital and the proposed exchange. Such people can likewise peruse 10X Capital’s Annual Report on Form 10-K for the financial year finished December 31, 2021, for a portrayal of the security possessions of 10X Capital’s officials and chiefs and their individual advantages as security holders in the fulfillment of the proposed exchange. Whenever accessible, the conclusive intermediary articulation/plan will be sent to 10X Capital’s investors. Investors can likewise get duplicates of such records and any remaining significant archives documented or that will be documented with the SEC by 10X Capital, without charge, once accessible, at the SEC’s site at www.sec.gov. Duplicates of the intermediary proclamation/plan can be gotten, when accessible, without charge, from 10X SPAC’s site https://www.10xspac.com/. Prior to settling on any democratic choice, financial backers and security holders of 10X Capital and PrimeBlock, and other closely involved individuals, are encouraged to peruse the enlistment explanation, the intermediary articulation/plan and any remaining significant reports recorded or that will be documented with the SEC regarding the proposed business blend as they become accessible in light of the fact that they will contain significant data about the proposed business combination.

Forward-Looking Statements

This official statement holds sure forward-peering proclamations inside the importance of the government protections regulations concerning the proposed business mix between 10X Capital and PrimeBlock, including explanations in regards to the advantages of the proposed business mix, the expected to season of the proposed business mix, the administrations presented by PrimeBlock and the business sectors in which PrimeBlock works, business methodologies, obligation levels, industry climate, potential learning experiences, the impacts of guidelines and 10X Capital’s or alternately PrimeBlock’s projected future outcomes. These forward-looking explanations for the most part are recognized by the words looking proclamations as forecasts of future occasions. Words, for example, “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “may”, “will”, “could”, “should”, “believes”, “predicts”, “potential”, “continue”, and comparative articulations (counting the negative variants of such words or expressions).

​Forward-looking proclamations are forecasts, projections and different explanations about future occasions that depend on current assumptions and presumptions and, thus, are liable to dangers and vulnerabilities. Many elements could make genuine future occasions vary substantially from the forward-looking proclamations in this archive, including yet not restricted to: (I) the gamble that the proposed bu

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