Pot publication High Times stretched the concept behind its name a little too far. The company said two weeks ago that it would be the first to accept Bitcoin during its stock offering. However, now, it suggests that the statement was made in error and that only fiat will be accepted during the event. The company also terminated its contract with Origo Acquisition Corp., leading to a mutual release of all claims they made.
High Times Changes Stance Significantly
In a recent Securities and Exchange Commission (SEC) filing, the company stated that it had terminated a merger agreement with Origo Acquisition Corp., HTHC Merger Sub, Inc., and Jose Aldeanueva, which was signed in late July last year. The company will now be released from all statements and claims it made during or after the agreement. Moreover, Origo has filed for dissolution and liquidation with SEC.
Consequently, the company’s claims that it would be accepting Bitcoin payments during its Regulation A+ stock offering is null and void as its previous announcement was made in error. The payment for subscribing to the company’s shares will now be made via check, credit card, ACH or wire transfer only. No cryptocurrency will be accepted for the same.
Additionally, the company has now extended the offering period to September 12, 2018. The offering may close sooner if the maximum offering goal of $50,000,000 is completed.
What Did High Times Say Earlier?
The company wrote on its website that it will become the “first-ever stock offering to accept cryptocurrencies like Bitcoin and Ethereum. Its current equity-crowdfunding process, under Regulation A+, has already begun the process of bringing in cryptocurrencies.”
Company CEO Adam Levin said at the time that they will not just become the first cannabis-related brand to be listed on a major stock exchange, but they will also be the first to allow cryptocurrencies for raising capital. He had also called cryptocurrencies a way to provide a stable investment opportunity to its investors. While he clarified that an ICO was not their preference for raising capital, it “would’ve been foolish to leave this emerging investor base out as we continue to transform into a diversified media, events and merchandise giant.”
The company, at the time, was offering their stock for $11 per share.
High Times Denies That It Will Not Accept Bitcoin Payments was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.