Second bitcoin start-up to list
If it lists successfully, it will have a market valuation of almost $33 million and will become the second bitcoin start-up to list on the ASX, after digitalBTC. The latter joined the ASX through a $9.1 million reverse listing in 2014.
ASIC has issued two stop orders on Bitcoin Group's initial raising efforts. The first was within a fortnight of receiving the original prospectus – which put the listing date at September 2 – and the second, after the group was found to be promoting the fundraising round on a Chinese social media platform, WeChat, before the prospectus was approved and lodged.
The company's third prospectus says 90 per cent, $18 million, of funds raised will go towards developing operations conducted mostly across three sites in China, one in Iceland and a newer facility in Australia.
A maximum of $500,000 or 5 per cent of capital raised, whichever is less, from the raising will go to a bonus pool if the IPO is fully subscribed. This must be distributed within 60 days of the listing.
Directors will be repaid $230,000 in loans to the company. An individual can get a maximum of $150,000 from the pool. But even if the company manages to raise only $10 million, the bonus pool remains the same.
read detail : http://www.smh.com.au/business/banking-and-finance/second-bitcoin-ipo-delayed-for-fifth-time-20151206-glgzju.html
Topic: [2015-12-07] Second Bitcoin IPO delayed for fifth time (Read 235 times)
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