Rectitude's $32M Bitcoin Financing Deal Expires Without a Single Coin Purchased

A Singapore-based PPE company named Rectitude Holdings had entered into a $32.625 million financing agreement to fund Bitcoin purchases, but it ended without any shares or cash being issued.

The agreement was signed on August 25 and expired on October 9, giving the company 45 days to draw from the facility. However, Rectitude chose not to use the funds during this period.

For the investors to have a purchase obligation, an effective resale registration statement on Form F-1 would have been required. However, Rectitude's SEC filing history shows no such filing during the 45-day commitment window.

The company's accounts also corroborate that no draw was settled. The audited annual statements showed unchanged equity figures and no common-share proceeds.