Diginex a blockchain and cryptocurrency firm is expected soon to go public on Nasdaq in the U.S., according to Bloomberg.
A report came out on Wednesday with Bloomberg citing sources “familiar with the matter” as saying that Diginex Ltd., a company that provides blockchain solutions and consultancy services, is planning to announce the news about their merger with 8i Enterprises Acquisition Corp.
8i which already happens to be a Nasdaq-listed firm, the deal would allow Diginex to go public with the help of a backdoor listing and avoid the regulatory complexities of the process of a formal IPO process. According to some reports, the deal would still require approval from the U.S. Securities and Exchange Commission.
The Bloomberg sources also reported that, if the IPO completed, the deal would see Hong Kong-based Diginex reach a valuation of around $276 million including debt. Diginex shareholders are expected to receive 20 million ordinary shares in 8i, which are valued at $10 each.
Both firms haven’t made anything public about the merger yet, Bloomberg said.Last month, Diginex teamed up with FIS, a financial services technology firm, to launch a trading tool aimed to help investors manage digital asset portfolios, the firm says on its website.
The reverse IPO, or reverse merger, this type of method of going public has been tried by other crypto firms. At the start of this year, crypto exchanges Bithumb and OKCoin had made an attempt to take over public companies with the aim of achieving backdoor listings on stock exchanges in the U.S. and Hong Kong, respectively.
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