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HyperBlock Granted MCTO

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HyperBlock Inc. (“HyperBlock” or the “Company“) (CSE: HYPR) has been granted a Management Cease Trading Order by the Ontario Securities Commission and intends to file its audited annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2018 (collectively, the “Annual Filings“) no later than June 30, 2019.

As previously disclosed, HyperBlock submitted an application to the Ontario Securities Commission, as principal regulator for the Company, under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) requesting that a management cease trade order be imposed in respect of its inability to file its Annual Filings prior to the April 30, 2019 filing deadline under National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102“) and National Instrument 52-109 – Certification of Disclosure in Issuers Annual and Interim Filings. The issuance of a management cease trade order generally does not affect the ability of persons who have not been directors, officers or insiders of the Company to trade in their securities. The management cease trade order will be in effect until the Annual Filings are filed, provided that HyperBlock complies with the terms of the order in the interim.

Composition of the Audit Committee 
The Company confirms that Sean Walsh and Roozbeh Ebbadi have been appointed to the Company’s audit committee to sit alongside the Honourable Ronald Spoehel. Mr. Spoehel is an independent director, and while both Mr. Walsh and Mr. Ebbadi are Company executives, their appointments to the audit committee were to fill the vacancies caused by earlier reported director resignations, in compliance with National Instrument 51-110 – Audit Committees.

HyperBlock Continues to Operate at its US Datacenter; Testing New Bitmain S17 Servers
Normal operations continue at the Company’s 20MW US datacenter, where it currently runs more than 10,000 servers at an average electricity price below US 4 cents per kWh. Current power contracts are expected to be active into Q3 2022. Operations in the existing 20MW datacenter are unaffected by recently imposed Missoula County interim zoning regulations, which are only applicable to new operations.

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HyperBlock is currently testing Bitmain Antminer S17 servers. If the tests are successful, the Company expects to begin replacing its older generation servers using a combination of working capital and funds raised in new debt financing, which the company recently began seeking. The datacenter operations team believes the new Bitmain S17 servers will deliver over 20 TH/s of computational power per kilowatt of electrical consumption compared to just under 10 TH/s of computational power per kilowatt for Bitmain Antminer S9 servers. With the existing available evidence, the Company believes that refreshing an existing datacenter with new servers has the potential to double that datacenter’s revenue at little to no increased operating expense.

The Company is also moving forward with the previously announced US $1 million sale of non-core datacenter assets at one of its Canadian facilities, which is expected to close on or before June 30, 2019. The Company has already received US $800,000 in payments, and expects to receive an additional US $199,000 payment within the next 10 days.

HyperBlock Provides Bi-Weekly Market Update 
HyperBlock recently appointed Manning Elliott LLP as its new auditor and the audit of the Company’s Annual Filings is underway.

The Company confirms that since its press release on April 18, 2019 announcing a delay of the filing of its Annuals Filings (the “Filings Notice“): (i) there is no material change to the information set out in the Filings Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to comply with the provisions of the alternative information guidelines under NP 12-203 by issuing bi-weekly default status reports in the form of news releases until it has met the filing requirements set out above.

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Legal Matters Involving HyperBlock 
The Company also wishes to provide information on two legal matters.

The first relates to the offering of subscription receipts of the Company on March 14, 2018 (the “Offering“), the proceeds of which were held in escrow pending the satisfaction of certain release conditions, which proceeds were released from escrow shortly after the Company’s common shares were listed on the Canadian Securities Exchange on July 10, 2018.  In connection therewith, a subscriber (the “Subscriber“) under the Offering has alleged that the escrow release conditions were not satisfied and has brought an action against the Company claiming, among other things, that the release of the proceeds of the Offering constituted a breach of the terms of its subscription agreement with the Company. The Company has thoroughly reviewed the details of this claim with its legal counsel and has concluded that the claim is without merit. A case conference was held on May 1, 2019.  As a result of the case conference, the parties are to discuss whether the Subscriber’s claim should proceed by way of application on a paper record or by way of an action. No timeline has been established for such discussions.

The second relates to the formation of the Company, which was result of an amalgamation involving Cryptoglobal Corp. (“Cryptoglobal“) on July 10, 2018.  In connection therewith, the founders of Cryptoglobal, Rob Segal and James Millership, are seeking an inspection to review certain financial terms of the Amalgamation which were approved as part of a plan of arrangement dated July 10, 2018 (the “Review“). Mr. Segal and Mr. Millership have sought to recover from the Company any expenses arising in connection with the Review. This matter was argued before the Ontario Superior Court of Justice on April 23, 2019, with the decision being reserved and unknown as of the date of this press release.

The Company confirms, as of the date of this news release, that there is no insolvency proceeding against it and that it believes there is no other material information relating to its affairs that has not been generally disclosed.

 

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Blockchain

LCT Secures VARA In-Principle Approval, Defining Its Role in Dubai’s Crypto Landscape

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Bybit One-Click Buy Offers a Winning Chance in First-Time Deposits Lucky Draws

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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)

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blocks-&-headlines:-today-in-blockchain-(blackrock,-plume,-sealsq,-hedera,-deutsche-bank,-kucoin)

 

Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:

BlackRock ETF Embraces Blockchain with First Muni Bond Purchase

BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.

By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.

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Source: Yahoo Finance

Plume Secures Funding for Tokenization Platform

Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.

Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.

Source: Fortune

SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips

SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.

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As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.

Source: The Quantum Insider

Deutsche Bank’s Public, Permissioned Blockchain Initiative

Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.

The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.

Source: CoinDesk

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KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands

Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.

By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.

Source: PR Newswire

Industry Implications and Key Takeaways

Today’s developments highlight the transformative potential of blockchain across multiple domains:

  1. Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
  2. Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
  3. Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
  4. Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
  5. Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.

The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.

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