After delistings, warnings and even regulatory actions in several markets all over the world, we are actually getting one other indication that the “blockchain” shares hype is dying out. A TASE shell firm has switched its focus from attempting to enter the blockchain racket to newer developments just like the authorized hashish enterprise.
Fantasy Network is a shell firm traded on the Tel Aviv Stock Exchange (TASE: FNTS). On Monday the corporate introduced drastic modifications to its management, ending all of the plans it beforehand had to enter the blockchain area. The firm’s CEO stop final week after FNTS try to merge with A2Z Blockchain Technologies failed.
FNTS has switched its focus numerous instances lately. At one level it was a Biotech firm, specializing within the cryo-preservation of amniotic fluid stem cells. Later it was within the on-line gaming enterprise, providing expertise options to fantasy sports activities operators, therefore the title. Its plans to enter the blockchain area had been first introduced by Fantasy Network about six months in the past.
On December 10, 2017, following the corporate’s report that it was analyzing the opportunity of working within the area, the corporate’s inventory worth skyrocketed by lots of of percentages inside a couple of days. However, in the direction of the top of December, following warnings by then-chairman of the Israel Securities Authority, Prof. Shmuel Hauser, about stopping “backdoor listing” by bitcoin-related corporations, the FNTS share plummeted again down.
The determination by the board of administrators to take away the earlier management got here after a number of of the corporate’s shareholders claimed that the board had made “wrong decisions” in a way that “jeopardized the company’s continued normal operations.” They thought that the merger deal was miscalculated and that “the risk inherent” will hurt the shareholders within the firm. “This is a research company, with unproven technology, and its value is not based on an income forecast.”
The shareholders who requested the cancellation of the merger deal added that they intend to “work to create significant value for the company.” And for this function they “examined a number of alternative deals in areas that are preferable, for example in cannabis, which is an evolving and regulated field.”
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