“This last week has been a massive eye-opener for me with the collapse of FTX,” Simic tweeted after the crypto group’s implosion.
PlayUp’s Nasdaq setback was revealed earlier this month when IG Acquisition Corp (IGAC) – a special purpose acquisition company that was planning to acquire PlayUp ahead of a public listing – said it was terminating the deal which was unveiled in September.
Ina statement to the US Securities Exchange Commission (SEC),IGAC said PlayUp was required to deliver its audited financial statements to it by October 31 last year,in order for the listing to go ahead as planned early this year.
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IGAC said that,despite “repeated requests for the company financial statements,the company (PlayUp) has failed to deliver the Company Financial Statements and has provided no indication of when the company financial statements will be delivered or if they will be delivered at all.”
Simic says the financial information was not delivered as it had become clear the deal was unlikely to go ahead. Most of IGAC’s $US350 million cash hoard had already been redeemed by investors before the PlayUp deal had even been announced.
“We didn’t think it was in anyone’s best interest to complete,nor to provide any further information at that point in time,” Simic says. “So both sides disbanded the deal.”