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Bitcoin mining agency Phoenix Group delays share itemizing


Cryptocurrency mining agency Phoenix Group is getting ready for its public buying and selling launch after seeing a major oversubscription throughout the pre-market sale on Nov. 21.

Phoenix’s public buying and selling launch might be delayed because the agency has revised the date for its forthcoming preliminary public providing (IPO) on the Abu Dhabi Securities Alternate (ADX).

In line with an announcement on Nov. 28, the crypto mining agency expects to listing its shares on Dec. 5 as a substitute of Dec. 4, 2023, as a result of public holidays declared for the United Arab Emirates Nationwide Day.

Celebrated on Dec. 2, the UAE Nationwide Day commemorates the formation of the UAE. The Ministry of Human Assets and Emiratization marks Dec. 2, 3, and 4 as public holidays for the personal sector.

“To honor this event and guarantee complete participation within the IPO, Phoenix Group has rescheduled its itemizing date to December fifth, 2023,” the announcement states.

As beforehand announced, Phoenix Group efficiently closed its IPO with a 33 instances oversubscription on Nov. 18, reporting that its supply of 907,323,529 shares noticed an “overwhelming demand.” Phoenix mentioned retail traders oversubscribed the providing 180 instances, whereas skilled traders contributed to a 22-fold oversubscription.

Phoenix is a UAE-based mining operator that’s creating one of many largest mining services within the Center East. The corporate has reportedly been discussing the IPO launch in UAE since not less than July 2023.

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The UAE has emerged as some of the crypto-friendly jurisdictions on the planet, launching varied initiatives, together with multiple Web3-focused economic free zones to help crypto growth.

On Nov. 28, the crypto trade M2 received a regulatory approval. It partnered with Abu Dhabi Industrial Financial institution to allow retail and institutional shoppers within the UAE to purchase, promote, and retailer cryptocurrencies like Bitcoin (BTC).

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