Vinanz Ltd on Wednesday said it intends to list its shares on the London Stock Exchange’s Main Market, signalling a significant move as the bitcoin mining firm seeks to expand its investor base.
The British Virgin Islands-based cryptocurrency miner, which is already listed on the Aquis Stock Exchange under the ticker BTC and trades on the US OTCQB under VINZF, said its application to the LSE is contingent upon receiving approval from the Financial Conduct Authority for its prospectus and the admission of its shares to the Official List.
Vinanz operates bitcoin miners in facilities across Canada and the US, including Labrador, Indiana, Iowa and Nebraska.
Chair David Lenigas said the company has submitted its fourth draft prospectus to the FCA and is ‘working hard’ to secure regulatory approvals by the year-end.
‘This capital re-organisation was advised and actioned to simplify the capital structure to comply with the UK listing rules. A potential move to the LSE at such an exciting time in the global bitcoin sector, could potentially attract a broader pool of shareholders,’ Lenigas said.
To align with UK listing requirements, Vinanz has restructured its capital by eliminating all unlisted options and warrants. Holders of these instruments agreed to exchange them for ordinary shares, leaving the company’s share capital composed entirely of 243.4 million voting ordinary shares.
Lenigas holds 55.7 million shares, or 23% of the company, while Finance Director Jeremy Edelman owns 55.2 million shares, equating to another 23%. Other significant shareholders include Clear Capital Markets Ltd with a 13% stake and First Sentinel Corporate Finance Ltd with 4.1%.
Shares in Vinanz remained flat at $0.27 in the US’ OTCQB on Wednesday.
Copyright 2024 Alliance News Ltd. All Rights reserved.
