Cryptocurrency miner Phoenix Group delays listing on Abu Dhabi Securities Exchange
Bitcoin mining firm Phoenix Group has decided to postpone its listing on the Abu Dhabi Securities Exchange (ADX).
In a press release issued on November 28, 2023, the company announced that it has rescheduled the listing date to December 5, 2023, which coincides with the UAE’s National Day. Despite the delay, Phoenix Group remains optimistic about receiving a positive response from investors.
“This alignment with our national festivities affirms our deep respect for the UAE’s heritage and commitment to its future.”
– Phoenix Group Co-Founder Bijan Alizadeh
Change of Plans
The initial plan was for Phoenix Group to go public on December 4, 2023, but due to public holidays for the private sector declared by the Ministry of Human Resources and Emiratisation on December 2-4, the company had to adjust its schedule.
In mid-November 2023, Phoenix Group offered over 907 million shares at a price of 1.50 dirhams ($0.51) per share, representing a 17.64% stake in the company. The stock will be traded under the symbol PHX on ADX.
About Phoenix Group
Established in 2017, Phoenix Group is not only involved in cloud mining services but also operates M2, a cryptocurrency exchange supported by Kevin O’Leary. The company has expanded its presence globally, serving markets in the United States, Canada, Europe, and the Middle East.
Hot Take: Phoenix Group Delays IPO Listing in Abu Dhabi
Phoenix Group has chosen to delay its listing on the Abu Dhabi Securities Exchange, rescheduling the date to align with the UAE’s National Day celebrations. The decision was made after the initial plan had to be adjusted due to public holidays for the private sector. Despite the delay, Phoenix Group remains confident in its offering and expects a warm reception from investors. Founded in 2017, the company not only provides cloud mining services but also operates a cryptocurrency exchange endorsed by Kevin O’Leary. With its global presence, Phoenix Group has established itself as a player in various markets worldwide.
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