Australia-based startup and bitcoin miner Bitcoin Group is facing another delay in its quest to be the world’s first listed Bitcoin company.
Bitcoin Group has reissued its prospectus for the third time after facing a requirement from the Australian Securities and Investments Commission (ASIC) to appoint an “appropriately qualified independent expert.” The requirement comes after the commission requested the expert to look into details of the “bitcoin mining equation” that was established in the second prospectus.
In a press release, Bitcoin Group has announced the IPO offer period to extend to 8 January 2015. The ASX listing is now scheduled on 20 January 2016.
An excerpt from the press release noted the ASIC requested Bitcoin Group to “address some additional matters.” It read:
One of these matters involves a request by ASIC that Bitcoin Group appoint an appropriately qualified independent expert to report on the bitcoin mining process and the bitcoin mining equation contained in the Replacement Prospects.
A complete account of the newly revised prospectus can be found here [Google Drive doc].
The revision of the IPO schedule includes the offer closure on 8 January 2016; the settlement date on 13 January 2016; expected date of issue on 14 January 2016; the expected date of dispatch of holding settlements on 15 January 2016; and the listing date on 20 January 2016.
The original announcement to be publically floated came in October 2014. Bitcoin Group, Australia’s largest bitcoin miner, was revealed to be listed on Australian Stock Exchange (ASE) in mid-November, 2014. Despite the endeavor, a reprimand from the ASIC led to delays.
In October 2015, Bitcoin Group launched a successful ‘pre-IPO’ to the tune of $3.63 million through investment platform BnkToTheFuture.
Most recently, Bitcoin Group had delayed its listing to the now-delayed December. 11, 2015 date after concerns among the ASIC over implications from the miner that Australian Prime Minister Malcolm Turnbull had bid for company shares.
Investors who have already paid and applied for the company’s shares will receive a full refund if they wish to do so. The new listing on 20, January 2015 will see shares offered on ASX as ASX: BCG.
The company’s mining revenue according to its 2015 Annual Report totaled AUD $1,737,000. Net profit after tax stood at AUD $10,000 with a net cash flow of AUD $431,000.
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