TASE Shell Company Switches Plans From”Blockchain” to Cannabis
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What does this development mean for “blockchain” companies?
The decision by the board of supervisors to remove the former leadership came after a number of the firm ’s shareholders claimed that the board had produced “wrong conclusions ” in a manner that “jeopardized the firm ’s continued normal operations. ” They thought that the merger deal was miscalculated and that “the danger inherent” may damage the investors in the business. “This is a research company, with unproven technology, and its worth isn’t based in an income prediction. ”
Fantasy Blockchain
After delistings, warnings and even regulatory actions in different markets across the globe, we’re now becoming another sign that the “blockchain” stocks hype is dying . A TASE shell company has shifted its focus from trying to go into the blockchain racket to newer tendencies like the legal cannabis business.
Finance
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FNTS has switched its focus a range of times in the last several decades. At one stage it was a Biotech company, specializing in the cryo-preservation of amniotic fluid stem cells. Afterwards it was in the online gaming industry, offering engineering solutions to dream sports operators, hence the title. Its strategies to go into the blockchain distance were first announced by Fantasy Network about six months back.
The shareholders that asked the cancellation of this merger deal added that they intend to “work to create significant value for the provider. ” And with this purpose that they “analyzed numerous alternate deals in areas which are more preferable, such as in cannabis, which will be an evolving and regulated area. ”
Published at Mon, 04 Jun 2018 18:20:14 +0000
On December 10, 2017, after the firm ’s report that it was examining the prospect of operating in the specialty, the firm ’s inventory skyrocketed by countless proportions in a few days. However, towards the end of December, after warnings by then-chairman of the Israel Securities Authority, Prof. Shmuel Hauser, about avoiding “backdoor listing” by bitcoin-related companies, that the FNTS share plummeted back down.
On Monday the company announced drastic changes to its leadership, finishing all the plans it previously had to input into the blockchain space. The company’s CEO stopped last week following FNTS make an effort to unite with A2Z Blockchain Technologies failed.