Blockchain
Churchill Capital Corp II Announces Updates Related to the Acquisition of Skillsoft and Global Knowledge
Churchill Capital Corp II (“Churchill II” or “Company”) (NYSE: CCX), a public equity acquisition vehicle, today announced the following updates related to its pending acquisition of Software Luxembourg Holding S.A. (“Skillsoft”), a global leader in digital learning and talent management solutions, and Global Knowledge Training LLC (“Global Knowledge”), a worldwide leader in IT and professional skills development:
Update on CFIUS Approval and Consummation of Business Combination
On May 3, 2021, Prosus N.V. (“Prosus”), a global consumer internet group and one of the largest technology investors in the world, received notice from the Committee on Foreign Investment in the United States (“CFIUS”) that it has approved Prosus’s Second Step equity investment related to Churchill II’s acquisition of Skillsoft and Global Knowledge. This approval brings Prosus’s total investment to $500 million and is an important step towards the consummation of the business combination. Other than certain customary closing conditions, the CFIUS approval completes the required conditions for the investment by Prosus and the effectiveness of a strategic support agreement under which Prosus will provide Churchill II with business development and investor relations support services and allows Prosus to elect the Chairman of the combined company.
The Prosus PIPE, in addition to expected cash on hand at the time of closing, substantially satisfies the minimum cash condition in the Skillsoft merger agreement ($644M) and excludes the benefit of any cash held in trust, net of any redemptions.
Skillsoft and Global Knowledge have performed well since the transaction was announced in October 2020, with combined FY 2021 Adjusted Gross Revenue of $691 million and Adjusted EBITDA of $163 million exceeding our expectations. Their combined results for FY 2021 also included $572 million in Net Revenue and $2,561 million in Net Income. Churchill II is reaffirming the combined FY 2022 outlook for Adjusted Gross Revenue and Adjusted EBITDA in the range of $645-675 million and $155-175 million, respectively.
|
FY21 Oct. |
FY21 Actual |
FY22 Outlook |
||
|
Adjusted Gross Revenue |
$ 650-680 |
$ 691 |
$ 645-675 |
|
|
Adjusted EBITDA |
$ 145-165 |
$ 163 |
$ 155-175 |
Churchill II has assembled a world-class board of directors who have highly relevant experience in the education, digital learning, B2B and B2C sectors. The initial seven board members include Helena Foulkes, Ron Hovsepian, Michael Klein, Karen Mills, Peter Schmitt, Larry Summers, and Jeffrey Tarr. At closing, Prosus will have the right to nominate the Chairman and elect 1-2 additional board members based on their pro forma ownership.
Update on Financial Restatements Related to Warrant Classification
On May 11, 2021, Churchill II filed an amended annual report on Form 10-K/A with respect to the year ended December 31, 2020. The amendment reflects the accounting guidance announced by the Securities and Exchange Committee (“SEC”) which impacts the classification of warrants in financial statements.
The restatement of financial statements outlined in the 10K/A, which has no impact on Churchill II’s previously reported investments held in trust or cash, is in connection with a public statement issued by the SEC on April 12, 2021 on accounting and reporting considerations for warrants issued by special purpose acquisition companies (“SPACs”). Churchill II’s management and the Audit Committee of the Company’s board of directors, after consultation with its advisors and independent registered public accounting firm, concluded that the original financial statements should be restated and no longer be relied upon (see 8-K filed 5/11/21).
The transaction is well on its way towards completion in June. The current record date for the Churchill II shareholder meeting to approve the transaction will be April 28th, 2021 and the special shareholder meeting date will be set shortly.
“This transaction is expected to be completed this quarter and we are excited to create the world’s leading corporate digital learning company,” said Michael S. Klein, Chairman and CEO of Churchill II. “We look ahead to training and reskilling a resilient workforce with the tools to succeed in a rapidly changing job market.”
“We are thrilled to be moving forward with our investment in Skillsoft,” said Patrick Kolek, Chief Operating Officer of Prosus. “We are focused on investing in companies that help improve access to quality education around the world. Skillsoft is positioned to continue to transform digital learning across the global workforce and we look forward to partnering with them on their journey.”
Blockchain
Blocks & Headlines: Today in Blockchain – April 25, 2025 | BitNile, Dutch Blockchain Week, Citigroup, Philippine Blockchain Week, D.O.G.E Foundation
Blockchain’s metamorphosis from niche ledger technology to the backbone of Web3 has never been more evident. Today, we cover five stories that illustrate the evolving ecosystem: a gaming platform issuing its own token on Solana; Europe’s marquee Web3 summit; a major bank forecasting a “ChatGPT moment” for blockchain; a Southeast Asian conference aimed at busting crypto myths; and a foundation rebuilding blockchain from the ground up to solve scalability. Each development—whether product launch, industry gathering, macro forecast, educational initiative, or infrastructure innovation—offers a window into the trends shaping decentralized finance, NFTs, DeFi, and beyond.
1. BitNile.com to Launch Nile Coin on Solana
News Summary
Hyperscale Data’s subsidiary BitNile.com will introduce the Nile Coin on Solana starting May 1, 2025. The U.S.–based social gaming site chose Solana for its high throughput and low fees, aiming to enhance in-game economies, reward engagement, and deliver seamless micro-transactions. Details on tokenomics and governance are forthcoming, but management touts Nile Coin as a cornerstone of future gaming experiences.
Source: CoinTrus
Analysis & Commentary
Launching a proprietary token underscores two converging trends: the gamification of finance and finance-ification of gaming. By minting Nile Coin, BitNile.com taps into DeFi mechanics—staking, liquidity pools, NFT rewards—while leveraging Solana’s scalability. Strategically, BitNile.com positions itself for partnerships with NFT marketplaces and DeFi protocols, potentially opening secondary markets for in-game assets and generating new revenue streams beyond ad sales or subscription fees.
2. Dutch Blockchain Week 2025 Gears Up in Amsterdam
News Summary
From May 19–25, Amsterdam will host the sixth annual Dutch Blockchain Week, culminating in the two-day summit (May 21–22) at De Meervaart. Tier 1 exchanges (Bitvavo, Kraken, Coinbase), Web3 pioneers (WOW.ai, Blockrise), regulators (European Commission, De Nederlandsche Bank), and industry partners (Mastercard, Deloitte) will convene. Side events range from AI-powered hackathons tackling compliance to padel networking meetups—underscoring the event’s blend of technology, policy, and community.
Source: Dutch Blockchain Week
Analysis & Commentary
Dutch Blockchain Week typifies the maturation of blockchain conferences into multidisciplinary forums. Beyond token talk and yield farming, panels on regulation, institutional adoption, and security reflect Web3’s integration into mainstream finance. Anticipate announcements on CBDC pilots, DeFi compliance frameworks, and cross-chain interoperability projects that may emerge from the Block & Order Hackathon.
3. Citigroup Predicts Blockchain’s “ChatGPT Moment”
News Summary
In an April 23 report, Citigroup analysts argue that 2025 could be blockchain’s “ChatGPT moment,” driven by regulatory clarity around stablecoins and integration with traditional financial systems. They forecast stablecoin market capitalization ballooning to $1.6 trillion (base case) or as much as $3.7 trillion (bull case) by 2030—anchored by dollar-denominated issuers and collateralized with U.S. Treasuries. Regulatory frameworks like the GENIUS Act could catalyze adoption among banks and fintechs.
Source: Cointelegraph
Analysis & Commentary
Drawing parallels to generative AI’s explosive growth, Citigroup envisions a tipping point where blockchain moves from experimental to essential infrastructure. Successful integration will hinge on robust compliance tools, auditability, and clear governance models. Enterprise blockchain vendors should prepare for surging demand in tokenized payments, on-chain settlements, and embedded DeFi rails within legacy systems.
4. Philippine Blockchain Week 2025 Debunks Crypto Myths
News Summary
Scheduled for June 10–11 at SMX Convention Center Manila, Philippine Blockchain Week (PBW) 2025 will tackle misinformation and spotlight real-world use cases. Highlights include “Crypto, Unpacked” sessions demystifying the technology; “Smart Regulation” panels uniting policymakers and innovators; and “Blockchain for Impact” showcases on remittances, disaster relief, and digital identity. Founding President Donald Lim emphasizes government support and public–private collaboration to spur inclusive growth.
Source: UseTheBitcoin
Analysis & Commentary
PBW exemplifies how emerging markets leverage education to accelerate Web3 adoption responsibly. By engaging regulators early, PBW can shape balanced frameworks that encourage innovation while protecting consumers—an instructive model for markets wrestling with both hype and skepticism.
5. D.O.G.E Foundation Launches New Blockchain, Opens Seed Round
News Summary
The D.O.G.E Foundation announced a ground-up blockchain rebuild designed to solve the scalability and reliability challenges plaguing existing networks. This modular architecture separates validation from execution to enable parallel transaction processing—targeting real-time gaming, DeFi under high load, and AI-driven applications. A seed funding round is now open to investors who share the vision of a performant, decentralized infrastructure.
Source: D.O.G.E Altcoin GlobeNewswire
Analysis & Commentary
As layer-1 congestion and high gas fees persist, new entrants must justify a “why now” with clear architectural advantages. If the D.O.G.E blockchain delivers real-world throughput and maintains decentralization, it could spur a renaissance of high-performance DeFi protocols and NFT platforms hungry for cost-effective base layers.
Conclusion & Key Takeaways
-
Tokenization of Entertainment: BitNile’s Nile Coin on Solana highlights blockchain’s expansion into gaming economies and NFT reward systems.
-
Convergence of Tech, Policy & Community: Dutch Blockchain Week showcases Web3’s evolution into an ecosystem engaging regulators, enterprises, and developers under one roof.
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Mainstream Inflection Point: Citigroup’s “ChatGPT moment” thesis suggests blockchain is poised for exponential adoption given regulatory support.
-
Education as Catalyst: Philippine Blockchain Week’s myth-busting curriculum underscores the importance of public–private dialogue in emerging markets.
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Infrastructure Innovation: The D.O.G.E Foundation’s modular, high-throughput chain exemplifies the next wave of layer-1 networks addressing real-time, real-world use cases.
Today’s stories convey that blockchain’s next chapter will be written through strategic token launches, global convenings, regulatory clarity, educational outreach, and radical infrastructure redesign. By tracking these threads, industry participants can anticipate opportunities in DeFi, NFTs, Web3 games, and enterprise integration. Stay tuned for tomorrow’s Blocks & Headlines, where we’ll continue to decode the innovations shaping decentralized finance.
The post Blocks & Headlines: Today in Blockchain – April 25, 2025 | BitNile, Dutch Blockchain Week, Citigroup, Philippine Blockchain Week, D.O.G.E Foundation appeared first on News, Events, Advertising Options.
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