As more industrial and business sectors embrace the use of cryptocurrencies, various market players have found ways to employ its use. One of the most recent of such developments is High Time’s decision to accept cryptocurrencies as payment during its latest IPO issuance. High Times is a publication that focuses on cannabis.
Is High Times Receiving Cryptos
There have been some arguments about whether or not High Times is actually accepting crypto payments for its IPO issue. Well, word out now is that the publication has finally cleared the air, saying that it’s well in the mood for crypto payments.
When the IPO issuance plan was announced back in August, High Times mentioned Ethereum and Bitcoin as the particular cryptocurrencies that it would be accepting. However, SEC soon raised eyebrows and High Times had to do something to make the regulatory oversight body feel good. For that, High Times filled a submission with the SEC on August 13, specifying that it wasn’t receiving crypto payments directly.
The fine print is that High Times isn’t the actual entity receiving the cryptocurencies, but has contracted Fund America to receive the crypto payments on its behalf. In return, Fund America will convert the cryptos into fiat currency and transfer the funds to High Times. The arrangement seems to have rested well with SEC.
A Misunderstanding
Explaining the earlier impasse, Jon Cappetta, who is the representative for High Times, said that it was all due to a misunderstanding that High Times would be directly receiving cryptocurrencies, a situation that would make it look like a payment processor. But that wasn’t the case.
According to Cappetta, the IPO is doing great, and the company may soon be viable for a direct listing. The IPO’s fundraising stage is set to end on September 12th before the listing process kicks off.
