Corporate: Byte Power is resigned to getting its marching orders from the ASX
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December 2017 was an exciting time to be in crypto: bitcoin went above $US20,000 and aspiring cryptocurrency exchange operator Byte Power Group (ASX:BPG) was up nearly 800 per cent in 12 months.
But just before Christmas that year Byte was suspended from the ASX and has not traded since. A horror few months left it with missing tokens; the axing of a deal to issue crypto carbon credits in Canada and facing an ASIC investigation.
As of last month the company had just $26,000 in the bank and claimed it was looking for new opportunities.
But yesterday afternoon it conceded it was unlikely to see eye to eye with the ASX before the date it faced automatic delisting from the ASX — January 31.
“The board is now working on a range of strategies with a view of restoring shareholder value even after delisting,” Byte said.
It noted it would still have ongoing disclosure obligations as an unlisted disclosing entity under section 675 of the Corporations Act.
The company has launched its cryptocurrency exchange and as of the end of August it had 2,409 registered users. It said in its annual report that “with expected growth of the cryptocurrency exchange business, the group is positive towards the year ahead”.
Stockhead has contacted the company for further comment.
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