The management team of OTC-traded Bitcoin Shop, Inc. (BTCS) has agreed to voluntarily cancel all 12,450,000 of their options, representing all of the Company’s outstanding options, ahead of the Company’s anticipated merger with clouding mining and hardware firm, Spondoolies-Tech.
Charles Allen, Chief Executive Officer of BTCS, commented:
As we continue to progress in our planned merger with Spondoolies, we see the cancellation of our outstanding options as a strategic move that will afford us the opportunity to create a comprehensive plan post-merger that properly addresses all stakeholders involved. We anticipate adopting a new equity incentive plan that will be structured to support our performance-based culture and align with the interests of our shareholders.
In first year of operation, Spondoolies launched five different mining hardware products. Subsequent to its first product launch in March 2014, Spondoolies announced un-audited revenue of more than $28 million for its fiscal year ended December 31, 2014.
According to BTCS, the pending-merger between Spondoolies and BTCS will leverage their respective capabilities to create a global player in the blockchain sector.