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PrimeBlock stock is not yet available to purchase on any exchange. But it's expected to go public soon. Here's what we know — and how to buy in when it launches.
PrimeBlock, a California-based digital infrastructure company that develops crypto mining systems, has confirmed that it plans to go public by merging with 10X Capital Venture Acquisition Corp. II, a special purpose acquisitions company (SPAC).
PrimeBlock stands to receive around $300 million from the deal. The combined company is expected to have a market valuation of $1.25 billion.
10X Capital Venture Acquisition Corp. II currently trades on the Nasdaq Capital Market under the ticker symbol "VCXA." After the merger, PowerBlock will trade on the Nasdaq. The transaction is expected to take place in the second half of 2022. Details such as the ticker symbol and the exact date of the merger have not been announced.
SPACs, or "blank check" companies, exist purely on paper for the purpose of going public, raising capital and merging with another company. Going public by merging with an SPAC is both quicker and easier than the traditional IPO process.
You can read more about the PowerBlock-10X merger in this document submitted to the US Securities and Exchange Commission (SEC) on February 23, 2022. We'll update this page as more information becomes available.
Note: all dollar amounts on this page are in US dollars unless otherwise stated.
Once PrimeBlock goes public, you'll need a brokerage account to invest. Consider opening a brokerage account today so you're ready as soon as the stock hits the market.
You won't be able to buy PrimeBlock stocks on a Canadian stock exchange like the TSX or CSE. Instead, you'll need a Canadian broker that provides access to stocks sold on international exchanges. However, some Canadian brokerages don't offer access to international investments at all or only provide access to a limited range of investment opportunities.
You can access US exchanges like the NYSE and the NASDAQ using Canadian trading platforms like Questrade, Wealthsimple Trade, Scotia iTRADE and Interactive Brokers. Interactive Brokers also provides access to many stock exchanges outside North America like the Hong Kong Stock Exchange (SEHK), Korea Stock Exchange (KSE), National Stock Exchange of India (NSE), Frankfurt Stock Exchange (FWB) and London Stock Exchange (LSE).
The process of buying stocks listed on international exchanges is basically the same as buying stocks in a Canadian company. You buy and sell using your online trading account or through an investment broker who handles international stocks.
Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments is similarly taxed at a rate of 10%.
An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.
All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you'll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you've already paid to the IRS.
Speak with a tax professional to find out what rules and exceptions apply to your circumstances.
Note: The dollar amounts in the table below are in Canadian dollars.
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