Bitcoin Group’s plans for a floatation on ASX have just hit the curb…
On March 4, 2016, ASX sent Bitcoin Group a letter, informing the company that it does not meet the requirements for admission to the official list.
ASX made its decision after Grant Thornton Australia produced an independent report stating that Bitcoin Group has sufficient working capital to carry out its stated objectives. However, in its letter, ASX rejected the report’s conclusions.
In case Bitcoin Group wishes to proceed with its listing application, it will have to re-open the offer and raise additional funds from investors.
In addition, the Australian Securities and Investments Commission (ASIC) has demanded that Bitcoin Group provides a further update to its investors regarding certain matters in the form of a new prospectus. Until discussions with ASIC are going on and the matters are resolved, Bitcoin Group is unable to re-open the offer.
For the full announcement, click here.