Cryptocurrency platform INX raises $32m in Toronto
With the cryptocurrency markets recording record highs, the Israel cryptocurrency platform INX raised C$39.6 million (US$32 million) on the Toronto Stock Exchange (TSX). The offering was conducted through a merger with a special purpose shell (similar to a SPAC) called Valdy Investments, at a market cap of C$220 million, post money. The company's shares will begin trading on the TSX once all the regulatory approvals are received.
The successful offering was completed after a planned IPO in the Us was postponed twice in 2020. At first, INX planned raising $130 million but then in August 2020 it cut the planned raised by 10% and now it has been forced to settle on a far lower sum.
Shy Datika is the founder controlling shareholder and president of INX.