Defu Development Corp met a minor setback on its quest to collect $ 1 billion to buy more Solana after the American Securities and Exchange commission overthrew its S-3 file.
The company listed at the NASDAQ declared Wednesday in a press release to the SEC that it sought to withdraw its declaration of previous registration because the commission had found that it was not eligible to submit a S-3 form after having omitted to include a management report on internal control over financial information before the due date.
An increasing number of companies have acquired crypto, in particular Bitcoin (BTC), with business bitcoin vouchers collectively holding more than three million bitcoin, worth more than $ 342 billion, according to Bitbo data.
Solana purchase plan not dead
Development Corp said that the withdrawal of the registration declaration complies with “public interest and investor protection”.
Despite the minor reverse, Defi Development Corp said he would file a declaration of resale registration to increase the capital in the future.
DEFI DEVELOPMENT CORP filed the S-3 Form SEC Recording on April 25 to use the funds for general purposes of the company, including more acquisitions of Solana token (SOL).
He said that at the time, he could consider buying more Solana with the net product of this purchase. However, he also warned that the fluctuations in the Solana price could convert the tokens into cash to a lower value.
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In an advertisement on May 28, the firm also announced its adoption of token for Liquid Solana and diverted part of its Solana farms on the DFDVSOL liquid wick token.
Development Corp Development jumps on the Solana train
Development Corp, formerly Janover, was mainly a real estate financing company that used an online platform powered by AI connecting lenders and buyers of commercial properties. He also became a Solana cash company, with his first purchase of 2,858 soil on April 8.
The company made its 11th purchase of 16,447 Solana at an average price of $ 139.66 on May 15, increasing its hiding place to 609,190 soil, worth more than $ 97 million at current prices.
A team of former managers of Kraken Exchange resumed DEFI DEVELOPMENT CORP after buying more than 728,000 shares on April 7. Joseph Onorati, former Kraken strategy director, has since been appointed president and CEO.
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