High Times Publication Confirms Crypto Payments for IPO
A popular publication focused on the topic of cannabis, High Times, now accepts digital currency as a payment method for their ongoing IPO according to their official investment website. According to CoinDesk, the publication released a statement early August that both BTC and ETH would be accepted for their current IPO however reverted their statement soon after filing with the SEC. Although the High Times took back their claim on accepting cryptocurrencies, the company’s site still offers bitcoin as a payment option.
High Times Finds a Crypto Loophole
Jon Cappetta, a spokesperson for the publication, responded to queries on the matter stating that the publication will in fact accept both BTC and ETH as possible payments for their IPO. CoinDesk also reported Cappetta’s explanation regarding the choice for a regulatory filing as simply a way to maintain the SEC’s approval.
He confirmed that the business is proceeding with their choice to accept cryptocurrencies such as ethereum and bitcoin however will collaborate with Fund America as a middleman, accepting only converted currencies in the form of US dollars.
Reprimands from the SEC
Cappetta noted the difficulties associated with legal requirements resulting in the publication’s decision to issue the release as a means to satisfy the SEC. He described the collaboration with Fund America as a similar set up to International IPOs in which foreign currencies would ultimately be accepted however only dollar equivalents would be received by the IPO hosting company.
A Successful IPO in the Making
Due to pressures from the SEC concerning the direct acceptance of cryptocurrencies, the publication was forced to take a step back from its initial announcement. Cappetta explained that the High Times received a slap on the wrist from regulators in response to suggesting they would explicitly hold digital currencies. He further noted that the IPO itself is progressing nicely with a direct listing expected to follow soon after. Their fundraising efforts are scheduled to conclude on September 12th, from which the publication will begin implementing the listing process.