Many businesses and jobs see cryptocurrency ICOs since the newest approach to raise capital. Crowdfunding has become quite well known in the financial industry recently. An ICO, however, is mostly untrue and brings investors from all around the world. NuMeLo Technology needed a strategy to sponsor their very own ICO later on. On the other hand, the SEC has another opinion about this strategy. Consequently, they suspended the trading of stocks in this OTC-Traded tech firm.
The business is very effective on the OTC Markets Group. The business is actively seeking to raise extra money also. Their strategy was to conduct a cryptocurrency ICO to make this occur. The programs are public since July 6th, however, the SEC is 1 step forward. Now that these programs are understood, the organization’s stocks are temporarily suspended from the SEC.
NuMeLo Technology Catches that the SEC’s Care
The choice for this forthcoming ICO was created not too long ago. A blog article explains how a new management group is running things at this time. A change of business plan requires more financial way, and that’s to be anticipated. On the other hand, the business creates some strange statements that concern the SEC, from the appearance of things. Promising a US$530bn target marketplace cooperation utilizing blockchain technology is really ambitious. Attempting to ICO might be the biggest error that the business has made thus far.
A press release concerning this ICO was issued three months ago. It cites how the business would like to exchange African people stocks from a number of diverse nations. NuMeLo Technology can do this with one cryptocurrency on US trading platforms. Giving US investors access to increase opportunities is okay. But, NuMeLo Technology’s description of the ICO nearly makes it seem like a scam. It is only ordinary the SEC would like to stop that from occurring.
All of this reveals ICOs can grow to be a very major danger in the long term. Publicly traded firms today find this technique as a means to raise millions without going through conventional channels. That will have consequences up to a certain level later on. It’s likely they’ll be suspended further then date, however. Considering that the institution’s position on ICOs recently, this movement is not all that unexpected, however.