Global Blockchain Acquisition Corp. announced that it has entered in to a security purchase agreement for the issuance of 7,750,000 warrants at a price of $1 per warrants for total gross proceeds of $7,750,000 on April 20, 2022. The transaction will include participation from Global Blockchain Sponsor, LLC and I-Bankers Securities, Inc., Investment Arm.

The company has also granted an over-allotment option for 787,500 warrants. Each warrant exercisable to purchase one share of its class A common stock at $11.50 per share, at a price of $1.50 per warrant, after the 30 days of its initial business combination and twelve months from the closing of this offering. The warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation.

The private placement warrants will be non-redeemable and exercisable on a cashless basis so long as the investor or its permitted transferees hold them. Once the warrants become exercisable, the company may redeem the outstanding warrants subject to conditions. The securities will subject to a hold period of 30 days after the completion of the transaction.