The firm aimed to generate more than $1 billion for general corporate purposes, mainly to buy Solana tokens.
Solana was the preference of the firm because of its robust position in the crypto industry.
The Securities and Exchange Commission of the US has barred DeFi Development Corp’s $1 billion registration filing. The firm wanted to use the capital to invest in the Solana blockchain.
The regulatory body found that the filing was not eligible because a necessary internal controls report in the Form 10-K was missing. This led to the withdrawal of the filing by the firm, and it proceeded to refile in the coming days.
The decision of the SEC to obstruct the filing emerged from a compliance issue with DeFi Development’s documentation. The company hadn’t included the required internal controls report in its Form S-3 registration.
The mentioned report is very necessary for any company that wishes to file for capital raises and perform securities offerings. De
We współpracy z: https://thenewscrypto.com/sec-halts-defi-developments-1b-solana-focused-fundraising/
