Metal Sky Star Acquisition, Future Dao enter definitive merger agreement

Future Dao Group and Metal Sky Star Acquisition Corporation announced that they have entered into a definitive merger agreement. As contemplated by the Merger Agreement, following the closing of the merger, Future Dao will operate through a publicly-traded holding company listed on the Nasdaq Stock Market. Future Dao is in the process of establishing its Bitcoin mining operations in Central Asia. Future Dao intends to own and operate approximately 26,100 Bitcoin mining machines with an aggregate computing power of over 2.9197 Ehash/s by the first anniversary of the completion of the Proposed Transaction. The Proposed Transaction values Future Dao at a pre-transaction valuation of $350M and its ordinary share after share split at a price of $10.00 per share. Upon closing, the current shareholders of Future Dao will continue to hold a majority of the outstanding shares and voting power of the combined company. Future Dao will designate a majority of the members of the board of directors of the Combined Company.Future Dao intends to use available proceeds from the Proposed Transaction to, among other things, invest in Bitcoin mining hosting facilities, and acquire additional Bitcoin mining machines with high computing power in order to increase its available computing capacity. It also intends to expand its research and development of cutting-edge blockchain applications to provide diversified solutions utilizing blockchain applications. The board of directors of both Future Dao and MSSA have unanimously approved the Proposed Transaction, which is expected to be completed later this year, subject to, among other things, the approval of the shareholders of Future Dao and MSSA and other customary closing conditions, including but not limited to a registration statement on Form F-4 to be filed by Future Dao being declared effective by the SEC, and the listing application of Future Dao being approved by the Nasdaq Stock Market LLC.