Japanese listed company Remixpoint has canceled its 1.2 billion yen investment in Web3-related businesses.
Foresight News reported, according to CoinDesk, that Japanese listed company Remixpoint announced today a change in the use of funds previously raised through the issuance of new stock subscription rights, and will cease its original plan to invest in "Web3.0 related businesses." The company explained that, under the current business environment, it is difficult to find high-quality investment projects in the short term that both meet the company's pursuit of high growth potential and achieve the expected balance of returns and risks. Therefore, the 1.2 billion yen (approximately 7.75 million USD) originally planned for Web3 related businesses will instead be allocated to the battery and energy businesses.
In addition, of the total 5.976 billion yen (approximately 38.6 million USD) raised by the company, 4.76 million yen (approximately 30.74 million USD) has already been used to purchase bitcoin, with all these funds invested as of June. On October 23, in order to avoid dilution of share value and protect the interests of existing shareholders, the company resolved to stop new equity financing (new share issuance) for the purpose of purchasing crypto assets.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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