INX has revealed a low-profile Israeli outfit to underwrite its reported $117 Mln IPO later this year.
Within a recent amended filing to the SEC [Securities and Exchange Commission], the Gibraltar-based cryptocurrency and security token exchange confirmed it had chosen A-Labs Finance and Advisory to underwrite its IPO.
A private company based 30-minutes out of Tel Aviv, INX’s website names digital asset manager Silver Castle as another one among their clients.
A-Labs has received a $500k fee to underwrite the offering and can receive a further $500k should the IPO take over $10 Mln in investment. Should the sale reach the $117 Mln hard cap, A-Labs can expect to take home a sum of $8 Mln.
A-Labs is merely able to promote the sale to non United States investors.
INX’s filing with the SEC earlier this month – that took the IPO target down from $130 Mln to $117 Mln – didn’t name A-Labs as the underwriters.
According to this week’s filing, A-Labs had agreed to manage INX’s IPO in September 2017 and has slowly accumulated over 10% of INX’s common shares.
A definite IPO date, and the venue, have yet to be confirmed.