According to ChainCatcher, Swan Bitcoin CEO Cory Klippsten explained the reasons for suspending the IPO and large-scale layoffs.
Cory Klippsten said the IPO plans were put on hold due to disagreements with a large financing partner that hosted the mining business, making it impossible to achieve the expected cash flow in the short term.
Swan increased marketing expenses and hired more employees in anticipation of filing IPO paperwork to seek SEC approval, but had to cut marketing and staff as the justification and funding for the big spending disappeared.
Earlier news, Bitcoin financial services company Swan Bitcoin abandoned its plan to go public, closed the mining department it managed, and laid off employees in multiple departments.
