Bitcoin Group Extends IPO Period, Debut on ASX Delayed Until Dec 11

Bitcoin Group, whose shares are slated to debut on the Australian Securities Exchange, has pushed back their listing date to

Bitcoin Group, whose shares are slated to debut on the Australian Securities Exchange (ASX), has pushed back their listing date to December 11.

The Australia-based startup, whose primary business is the mining of bitcoins, had appeared set to finally go live on November 11 after a year’s worth of delays. It would have become the first crypto company to be publicly listed via the IPO process, ahead of Coinsilium, whose scheduled debut is now November 23.

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Just over a week ago, the company issued a number of corrective statements regarding its disclosures, “following engagement with ASIC.” The company advised prospective investors to disregard revenue projections stated in the press and profitability information stated on a WeChat posting, and dispelled indications of investment by Australian Prime Minister Malcolm Turnbull.

It has urged investors to only heed information contained in its “Replacement Prospectus” and just released “Supplementary Prospectus”.

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The latter document contains the aforementioned corrective statements, as well as information on the IPO’s extension, which was made in order to give investors time to reconsider their subscription based on the new disclosures.

The IPO’s closing date has been moved from October 30 to November 20, the dispatch of holding statements from November 6 to December 6, and the quotation of shares on the ASX from November 11 to December 11.

In addition, the fund launched by BnkToTheFuture for investors is limited to 4.9% of Bitcoin Group’s final shareholding, and Australian residents are not eligible.

The father of Sam Lee, Bitcoin Group’s CEO, has indicated that he proposed to apply for 5 million shares (A$1 million), or 3% of the 164,870,930 common shares that will exist assuming the offer is fully subscribed.

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