AAX: Currently raising funds to restore services; if fundraising fails, legal proceedings will be initiated to ensure asset distribution

2022-11-15 22:14:32

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ChainCatcher news, AAX trading platform released an update stating that AAX's capital position is under significant pressure. In order to restore all services, AAX will need to raise new funds. While this is clearly a very difficult environment to raise new capital, the amount is not considered large by market standards. Existing shareholders have already injected additional funds over the past week.

If AAX can inject additional funds before this weekend, AAX should be able to restore services as usual. If AAX is unable to secure funding to resume operations, AAX commits to initiating legal proceedings to ensure the distribution of assets and to maintain ongoing communication with the global user base and relevant stakeholders regarding the details.

Previously, AAX exchange suspended all operations, stating "7-10 days needed to reconcile and restore user assets." (source link)

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AAX financing

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