High Times Rescinds Claim to Accept Cryptocurrency During IPO

Published on by Cryptoslate | Published on

Earlier this month, High Times magazine announced that they will be accepting cryptocurrency as the first-ever Nasdaq IPO to do so.

A recent SEC filing reveals that High Times will not deliver on its benchmark promise and will only accept fiat investments during its upcoming public offering.

A filing by the U.S. Securities and Exchange Commission, dated Aug. 3, states that High Times Holding Corp. released a press release "In error" and will not be accepting cryptocurrency during its initial public offering.

Based in New York, High Times is a leading media outlet for cannabis culture and news that has been in operation since 1974.

On Aug. 2, High Times announced that it would become the first IPO on Nasdaq public stock exchange to accept investments in Bitcoin and Ethereum.

At the time, the company described its foray into cryptocurrencies as a way to reach a broader audience of global investors.

The press release explained that under Regulation A+ of the JOBS Act for equity-crowdfunding, High Times should be able to crowdsource up to $50 million in both fiat.

Cryptocurrency investments for shares in the company.

It is still unclear how High Times fell into this misconception.

High Times Holding Corp. plans to start trading on NASDAQ in Q3 2018.

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