Press release
Flex Class Cancels IPO Plans Opts For Reverse Merger
Flex Class Holdings, the leading online skill development company has called off its plans for an IPO on the US markets and has opted for the reverse merger or a reverse IPO. The company is choosing between US and UK stock exchange. The company is also planning a initial coin offering.Under this Flex Class Holdings will acquire majority interest or shareholding in the already listed entity and will begin trading on the markets within a short span of time. EGW Capital Inc. will advise Flex Class on both reverse merger and ICO offering.
Recently, Flex Class announced a $35 mn initial coin offering or a ICO under the Flex Degree brand. Flex Class also reported that it has completely adopted blockchain and will merge all its businesses under Flex Degree.
The ICO was supposed to open pre-ICO on November 5 but the existing shareholders and investors need more time before they agree to the ICO offering.
“We could have moved ahead with the ICO without consulting our shareholders but for us our shareholders are the boss, we will do what makes them happy”, said Anurag Vaid, Founder of Flex Class.
The ICO offering will be done by the wholly owned subsidiary of Flex Class which will be in Cayman Islands.
Flex Class which is listed on the OTC Premarkets has seen selling pressure post announcement of withdrawal of IPO. The stock has lost 29% in the last two trading sessions, the market capitalisation fell from $12 bn to $9 bn. The trading volume was higher which was reflecting exit by the existing investors who have booked 300-350% on their investments.
An insider on the basis of anonymity confirmed that the management of Flex Class is bullish on coins as a prime source of funding.
The existing investors who are also the shareholders objected the idea of adopting coins as a prime source of funding as the market cap growth will shift towards coins instead of shares.
As per the trend, the coin holders or owners are not entitled to get any shareholding in the business which keeps the rights of the management intact and is hence preferred by the promoters.
The trading of the coins is supported by the customers of the business who buy coins for availing the service, hence, bigger is the customer base more are the chances of witnessing higher growth.
Some of the coins have already given 200%-40000% returns to the initial investors.
“The demand for the Flex Degree coins is tremendous. It is technically the first underwritten ICO. We are approached by some of their shareholders who wish to have a block of coins reserved for them in advance. Flex Class is ready to give preference to its shareholders over the retail investors. The shareholders are now shifting to the new trend and if the business is stable, the value of coins will grow much faster as it truly reflects the growth in revenue. Not every coin is a bubble, the basis for a IPO and a ICO is same, if you invest in an ICO of the stupid business you may end up losing money, the growing businesses will give wonderful returns. Flex Class have advantage that it has evolved from the startup tag,” said Greg Chandler, Director of EGW Capital Inc.
Flex Class coins post ICO will trade on the OTC Premarkets.
A pioneer in online education for professionals, we create course programs, exams, and lab projects that help professionals across the world successfully prepare for and complete certification exams with ease. Our unique blended model of training brings together the best of self-learning and online training, making for a successful learning experience.
We strive to constantly improve our learning frameworks to make them more user-friendly. Our courses are upgraded continuously to ensure our learners are up-to-date on the latest industry requirements and best practices.
We assist our learners in applying for the certification exam of their choice, and our vibrant community of experts and certified professionals is a powerful resource pool of tips, tricks, and insightful advice.
Flex Class India
Postal Address: Statesman House Connaught Place New Delhi - 110001
India
Press Contact: Thomas Mueller
Email: help@flexclass.org
Web: www.flexclass.org
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