Global Blockchain Acquisition Corp is a SPAC — a blank check company with no operations of its own. Global Blockchain raised capital through an IPO, with proceeds held in a trust account while management searches for a merger target. Global Blockchain focuses on companies in the blockchain infrastructure and applications space, including FinTech, MedTech, IoT, media, education, and enterprise technology, targeting companies with equity valuations between $300M and $3B, primarily in North America, Europe, and Asia. Global Blockchain has signed a merger agreement to acquire Cardea Corporate Holdings, a Georgia-based company, for $175M in stock consideration, pending regulatory approvals and minimum cash conditions. The SPAC model works by having sponsors receive "founder shares" at a nominal cost, giving them a large equity stake in whatever company the SPAC acquires — creating an incentive to complete a deal. Public shareholders who don't want to participate in the eventual business combination can redeem their shares for their pro-rata share of the trust account. Approximately 95.6% of public shareholders redeemed at the August 2023 extension meeting, leaving roughly $26.3M in the trust account — a sharply reduced war chest that limits Global Blockchain's negotiating power and ability to meet minimum cash conditions. If the merger does not close, Global Blockchain must return all remaining trust funds to public shareholders and dissolve.