Diginex Moves Closer to Backdoor Nasdaq Listing With Merger Approval

The blockchain services firm is officially merging with publicly traded 8i Enterprises Acquisition Corp., a key part of its plan for a "backdoor" listing.

By Sebastian Sinclair

Sep 16, 2020 at 9:56 a.m. UTC

Updated Sep 14, 2021 at 9:56 a.m. UTC

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Blockchain services firm Diginex is officially merging with publicly traded 8i Enterprises Acquisition Corp., a key part of its plan for a "backdoor" Nasdaq listing.

Announced Wednesday, 8i shareholders overwhelmingly approved the proposed "business combination transaction" with Hong Kong-based Diginex at a special meeting, with 81% in favor.
Diginex is the parent company of derivatives platform EQUOS.io, which had been hoping to become the U.S.' first publicly traded crypto exchange later this month.
It was pipped to the post, though, with Gibraltar-based INX Ltd. recently launching its SEC-registered security token IPO, aiming to raise $117 million.
Diginex's ecosystem also includes digital asset trading technology platform Diginex Access and securitization advisory firm Diginex Capital, as well as a digital asset custody provider and an investment management business.
The company received approval from the Securities and Exchange Commission for the merger with 8i back in February.
The news marks "significant milestone" in that process, said Diginex CEO Richard Byworth, with both parties expecting a close of the transaction later in the month.
Shareholder approval during unprecedented market conditions was a "testament" to the digital assets industry, Byworth noted.
Following the deal's closure, the exchange's shares are expected to be traded on the New York-based Nasdaq stock exchange under the ticker symbol "EQOS."
The British Virgin Islands-based “blank check” company 8i is a special-purpose acquisition shell company that uses funds from their initial public offerings (IPOs) to acquire target companies.

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