Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Articles about Cryptocurrency => Topic started by: Vietchong on August 14, 2020, 06:09:27 PM
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INX has named a low-profile Israeli outfit to underwrite its reported $117 million initial public offering (IPO) later this year.
- In an amended (https://www.sec.gov/Archives/edgar/data/1725882/000121390020021590/ea125411-f1a10_inxlimited.htm) filing to the Securities and Exchange Commission (SEC) this week, the Gibraltar-based crypto and security token exchange confirmed it had chosen A-Labs Finance and Advisory to underwrite its IPO.
- A private company based 30-minutes out of Tel Aviv, INX's website names digital asset manager Silver Castle as another one of their clients.
- A-Labs has received a $500,000 fee to underwrite the offering and will receive an additional $500,000 should the IPO take more than $10 million in investment. Should the sale reach the $117 million hard cap, A-Labs can expect to take home a total of $8 million.
- A-Labs is only able to promote the sale to non-U.S. investors.
- INX's filing with the SEC (https://www.coindesk.com/crypto-exchange-inx-lowers-target-ipo-accept-bitcoin-ether) earlier this month – which took the IPO target down from $130 million to $117 million – didn't name A-Labs as the underwriters.
- INX's executive managing director, Alan Silbert, is the brother of Barry Silbert, the founder and CEO of Digital Currency Group, CoinDesk’s parent company.
- Per this week's filing, A-Labs had agreed to manage INX's IPO in September 2017 and has slowly accumulated more than 10% of INX's common stock.
- definite IPO date, as well as the venue, have yet to be confirmed.