After Forbes uncovered misrepresentations in an investor deck by Canadian crypto venture capital firm NextBlock Global, the company has decided not to go forward with its public listing on the Toronto Stock Exchange and return money to existing investors.
The announcement was made publicly as well as in an email to “friends and investors” from CEO Alex Tapscott. The company was attempting a $100 million CAD ($78 million USD) raise after having already received $20 million CAD in a private offering.
“Today we announced that NextBlock Global will not be proceeding with a go-public transaction,” he wrote. “After careful consideration, we have concluded that the best course of action is to return to existing investors their capital in full and also to have them participate in any profits. As a young company, we have stumbled in our efforts to take our company public and we will work hard to rebuild the trust of those we have disappointed.”
He stated the company will release details on its plan in the coming days. (Tapscott did not return requests for comment.)