Less than three months after Israel’s Office of Chief Scientist (OCS) approved the proposed merger of blockchain technology focused group BTCS Inc (OTCMKTS:BTCS) and Spondoolies-Tech Ltd, the Israeli transaction verification server manufacturer ceased operations.
On May 4, 2016, a hearing was held in the district court in Beersheva, Israel during which certain parties sought appointment of a temporary liquidator for Spondoolies. As a result of the hearing, the Court appointed a temporary liquidator. A hearing is set for July 14, 2016.
Meanwhile, a short note was published on Spondoolies’ website:
To our valued customers,
As of May 4, 2016 Spondoolies-tech has ceased operations.
It has been a great privilege to serve the Bitcoin mining community and especially our customers. We deeply appreciate the support and faith that you have placed in us and wish you success in your future endeavors.
Guy Corem CEO
BTCS, which was close to completing the deal with Spondoolies, is now seeking a conference with the temporary liquidator.
At the present time, BTCS, notes “there can be no assurance that the company’s pending acquisition of Spondoolies can be effectuated and is examining what claims, if any, it may have in connection with such acquisition and the company’s prior investments in Spondoolies”.
For the SEC filing on the matter, click here.