Animoca Brands, a major investor in the Web3 space, is planning to go public, but the timeline depends on a number of factors, including market conditions.
Animoca begins publicity to fight for IPO again, choosing Hong Kong stocks
According to founder Yat Siu, the company is currently in the critical audit process, which is an important part of preparing for an initial public offering (IPO). While the exact location for the IPO has yet to be determined, Hong Kong is a strong candidate as the company is headquartered there. Animoca was once a company listed in Australia, but was delisted in 2020 due to regulatory issues related to cryptocurrency. Xiao Yi mentioned that delisting allowed the company to grow rapidly because it was able to engage in some business activities that the Australian Securities Exchange (ASX) was not willing to accept at the time.
What was the reason for delisting Animoca?
Animoca Brands was previously listed on the ASX from 23 January 2015 to 9 March 2020.
ASX claims Animoca Brands (AB1) has failed to comply with a range of listing rules since January 2019, including failing to provide ongoing disclosures and failing to provide compliance reports to the exchange. ASX concluded that AB1 lacked adequate resources, systems and controls to meet its obligations under the listing rules. ASX noted that despite Animoca Brands' efforts to increase compliance manpower, standards were not met.
The key to Animoca Brands’ non-compliance is also related to cryptocurrency. ASX pointed out corporate governance issues in December 2019. It questioned Animoca's involvement in cryptocurrency activities, the use of Simple Agreements for Future Equity (SAFE) in its subsidiaries, and its long-term inability to comply with listing rule requirements. It all started in March 2019, when Animoca Brands raised funds and cryptocurrencies from multiple cryptocurrency-related companies. Involvement in cryptocurrency investment became the reason for Animoca Brands’ delisting.
Things have changed. It is still worth observing whether Animoca Brands can successfully go public under different time and space backgrounds and allow investors to exit smoothly. Although The Sandbox and BAYC invested by Animoca Brands once made a splash, they are now in decline as both chain games and NFTs decline. Can Animoca Brands' financial report still perform brilliantly, and in which securities market can the company's digital assets be recognized?
This article states that four years after Animoca was delisted by Australia, it attempts to fight for an IPO again. What was the reason for Animoca’s delisting that year? First appeared in Chain News ABMedia.
