NextBlock Global, a Toronto-based digital asset investment firm, has decided against doing a go-public transaction. The firm, which raised $20 million in July and was looking to raise as much as $100 million from the go-public transaction, said it “stumbled” in its efforts. Last week, Forbes reported that NextBlock had sent false marketing materials to potential investors. Founded this year by CEO Alex Tapscott, NextBlock is focused on investing in blockchain and cryptocurrency technology opportunities. It said it is “excited as ever” about market opportunities and will “work hard to rebuild the trust of those we have disappointed.”
PRESS RELEASE
Important Update from NextBlock Global
TORONTO, Nov. 5, 2017 /CNW/ – NextBlock Global today announced it is no longer doing a go-public transaction. Our first responsibility is to our existing investors and we believe this is the right course of action for all stakeholders.
We strive to always act in the best interest of our investors and we are in the process of reaching out to each of them to discuss next steps, including the return of their original investment, timing, and participation in any profits.
As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed.
Going forward, we remain as confident and excited as ever about the promise of blockchain technology.
For further information: ayan@nextblock.co
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