PrimeBlock didn’t give any reason for the termination of the merger. However, the crypto space as a whole has been under pressure amid falling prices, and that has caused pain in mining, squeezing profits among other things. Another miner, Gryphon Digital Mining, also recently terminated its own takeover deal with a SPAC, citing market conditions as one of the main reasons.
Source: https://www.coindesk.com/business/2022/08/31/crypto-miner-primeblocks-ceo-has-left-firm-after-canceled-spac-deal-sources/?utm_medium=referral&utm_source=rss&utm_campaign=headlines