Crypto Mining Giant Bitmain’s IPO Application Has Officially Expired – CoinDesk

  • Cryptocurrency mining equipment maker Bitmain’s application for an initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX) has officially lapsed, meaning no such transaction is happening anytime soon.
  • According to an update on the HKEX’s website, Bitmain’s case has been moved to a group of “inactive” applications and is now labeled as lapsed, six months after the company filed the prospectus on Sept 26.
  • However, the last public filing from Bitmain only covers the period ending June 30, 2018, nearly nine months ago.
  • The company published an announcement on Tuesday stating:
    “Bitmain’s listing application to HKex in September 2018 has reached its 6-month expiration date.
  • As of June 30, 2018, Bitmain had a $715 million liability on its balance sheet labeled “redeemable, convertible and preferred shares,” resulting from its Series A and Series B funding rounds closed over the past two years.

Read full article: coindesk.com