As we all know, Bitcoin industry started gaining momentum in the early days of this decade. Entrepreneurs increasingly started working on bitcoin-based ventures. In the past 4-5 years, many of these startups have matured into full-fledged companies. Few among them have broken out of the startup and early stage company shell to reach the IPO level.
Currently, a handful of Bitcoin and Blockchain technology companies have gone public with after floating an IPO. Bitcoin Group , an Australian Bitcoin tech company has been on the list for some time now. However, floating an IPO is not an easy task as the company requires to comply with various applicable rule and regulations. These regulatory roadblocks can potentially delay a company from going public indefinitely.
Bitcoin Group, which had successfully launched its IPO on the Australian Securities Exchange and was looking forward to going for a Global IPO is forced to take a step back. The company has decided to pull out of ASX and start the whole IPO exercise all over again after the Australian Securities Exchange voiced it concerns about the company’s liquidity status. According to ASX, Bitcoin Group might not have enough cash reserves to complete its first year of existence as a publicly traded company.
In order to prove otherwise, the ASX has asked Bitcoin Group to get itself evaluated from an independent accounting firm and present its report if it wants to continue on ASX. Bitcoin Group states that the report is not a standard prerequisite for being listed on ASX. These recent developments have led to the company pulling out from the ASX. While announcing its pull out from ASX, the company declared that it will be returning the $5.9 million it has raised so far as part of the IPO to its investors.
Bitcoin Group has not let […]
