Smarter Web Secures Shareholder Approval for Proposed Bitcoin-Backed Preferred Shares
Smarter Web Company shareholders have cleared the way for the UK-based company to issue its proposed Bitcoin-backed preferred shares, known as MORE. The shareholders approved all three necessary resolutions at a general meeting on September 28, giving the board the authority it needed to proceed with the initial public offering.
The company plans to raise between £15 million and £25 million through the potential listing of MORE on the London Stock Exchange Main Market. The preferred shares will carry a cumulative variable rate preferential dividend paid weekly and will have no voting rights at general meetings.
Smarter Web has stated that it sees the MORE proposal as another source of long-term capital, alongside its existing financing options, including equity sales, convertible financing, and Bitcoin-backed borrowing. The company's CEO, Andrew Webley, said that the proposed preferred shares are designed to provide an additional source of long-term capital and broaden the range of investors able to invest in the company.