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Finance

Investment Firm Arcane Crypto Plans Nasdaq Nordic Listing Through $32M Reverse Takeover

A successful reverse takeover of Vertical Ventures would allow the crypto investment firm to appeal to a broader investor base, the firm said.

By Paddy Baker
AccessTimeIconJul 2, 2020 at 1:14 p.m. UTC
Updated May 9, 2023 at 3:09 a.m. UTC
Arcane Crypto CEO Torbjorn Bull Jenssen, courtesy of Arcane
Arcane Crypto CEO Torbjorn Bull Jenssen, courtesy of Arcane

Norwegian cryptocurrency investment firm Arcane Crypto is planning to list on Nasdaq Nordic's alternative stock exchange through a reverse takeover.

  • On paper, Arcane will be fully acquired by Swedish firm Vertical Ventures – which is listed on Nasdaq First North – for just under SEK 300 million (~$32 million).
  • However, Arcane will be the majority owners of Vertical Ventures, which will trade under the Arcane name.
  • To fund the $32 million takeover, Vertical Ventures will issue more than 6.6 billion new shares – each at half a U.S. cent.
  • In November, Arcane tapped Eric Wall, blockchain lead at Cinnober, which was acquired by Nasdaq in 2018, as its new CIO.
  • Arcane CEO Torbjorn Bull Jenssen said that if the listing is successful, the firm would appeal to a wider investor base.
  • The latest deal will have to be approved by shareholders; Nasdaq North will also have to sign off on the new company structure before it can be re-listed.
  • Vertical Ventures' shares have jumped on the news, and are up 53% since the market open.
  • Both sides are now performing due diligence, with the takeover expected to be completed in the second half of this year 2020.
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    • EDIT (July 2, 13:40 UTC): A previous version of this article stated Arcane was a fund and that it had signed an LOI with Tongdow E-Commerce, this has now been corrected.

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