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Bitcoin miner Agora Digital (DEFY), a majority-owned subsidiary of Ecoark Holdings (NASDAQ:ZEST), has scrapped plans to raise up to $127 million through an initial public offering.
Agora first applied for the initial public offering in November 2021, stating he was interested in raising up to $100 million. Subsequently, the company increased the number to $127 millionwhich included the sale of shares linked to certain warrants.
Agora’s latest move comes in the wake of a failed merger with blockchain tech company HUMBL (OTCQB: HMBL). The companies announced plans to merge in August 2022, only to terminate the deal a month later.
Last month, Agora signed an agreement with BitNile (AULT) to provide hosting services for mining digital assets.
Ecoark has an approximately 90% stake in Agora Digital. In addition to bitcoin mining, ecoarco it is also involved in food freshness management through its Zest Labs unit and in oil and gas production through its Banner Midstream business. Ecoark announced in August that it planned to spin off Banner Midstream through a reverse merger with Enviro Technologies (OTCQB:EVTN).
