📣 Ionic Digital Delays IPO
posted 9 Aug 2024
Mining company Ionic Digital, which acquired assets from the defunct Celsius platform, postponed its initial public offering (IPO) after losing its CEO and auditor. However, the company’s management remains committed to its plans to go public.
John Penver, previously responsible for finance and IPO preparations, will temporarily assume the role of CEO. Furthermore, the company clarified that auditor RSM's decision to cease collaboration was not due to the miner's operations but is part of RSM’s new policy towards cryptocurrency companies.
The temporary absence of an auditor has prevented the Company from being able to update its SEC filings, which in turn has delayed Ionic Digital's efforts to become a public reporting company,the statement explained.
Originally, the company aimed to conduct its IPO within the year, but these plans are now set to be delayed. Ionic Digital’s struggles come amid heightened competition and mergers among miners, driven by the recent Bitcoin halving which has reduced the block reward by half.
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