Bitcoin Group, the Australian bitcoin mining company, is suffering further setbacks in its efforts to progress with its IPO which has resulted in it being required to offer refunds to any of its 400+ investors that wish it. This will push back the date of the company being listed on the ASX to early 2016 and is not the first time Bitcoin Group has had to postpone its goal.
In a press release in November it was revealed that the Australian Securities and Investments Commission (ASIC) requested additional measures to be taken by Bitcoin Group, which has resulted in the IPO offer period being extended to 8th January 2016, with the subsequent ASX listing to follow on 20th January 2016. The press release detailed one of the ASIC to be that Bitcoin Group appoints an appropriately qualified independent expert to report on the bitcoin mining process and the bitcoin mining equation which was used in the replacement prospectus.
The Third Supplementary Prospectus, which is available to view from the website, details the modification of the requirement of the company to offer a refund to all applicants’ monies due to the date of the IPO offer period extending beyond the three month limit (from 4th September). The ASIC has granted a modification to the requirement, allowing investors to withdraw their support and be repaid, providing they write to the contact provided before 5pm on 8th January 2016.