The Smarter Web Company has secured overwhelming approval from its investors to issue a new class of shares backed by crypto reserves. During its General Meeting on Sept. 28, shareholders passed three key resolutions to issue perpetual preferred shares dubbed MORE, directly backed by Bitcoin reserves. The company’s internal decision marks a crucial foundation that paves the way for the new financial instrument to enter the open market.
Shareholder support was overwhelmingly dominant across all voting items. The first resolution, amending the articles of association to accommodate the new share class, garnered 163.8 million votes, representing 99.86% approval. This corporate legal restructuring provides the foundation for management to enter the preferred share instrument into the company’s books.
Three Key Decisions on the Road to the London Stock Exchange
The other two resolutions passed with similarly high approval margins. The second resolution, authorizing the board of directors to allot the MORE preferred shares, secured 99.84% support. Meanwhile, the third resolution passed with 99.86% approval, granting the company permission to execute open-market buybacks of the preferred shares.
The three shareholder approvals serve as a mandatory prerequisite before The Smarter Web Company conducts its initial public offering (IPO). The company plans to list the preferred shares under the ticker MORE on the London Stock Exchange Main Market. A main market listing connects the Bitcoin-reserve instrument with substantial liquidity flows from European market participants.
Awaiting Approval from the UK Financial Conduct Authority
Under the agreed IPO structure, management has targeted gross proceeds between £15 million and £25 million. The MORE share offering targets two primary buyer groups: institutional investors and eligible UK retail investors. Making perpetual preferred shares available on a regulated exchange gives conventional investors an avenue to gain Bitcoin price exposure without the hassle of managing crypto wallets themselves.
Although internal hurdles were cleared without significant friction, the launch of MORE shares still hinges on one final prerequisite. The company’s planned IPO requires official prospectus approval from the Financial Conduct Authority (FCA). As the UK’s financial watchdog, the FCA holds full authority to verify the new instrument’s documentation before it can be offered to the wider public.
The introduction of MORE shares tests the readiness of traditional UK exchanges to integrate pure Bitcoin reserves into established equity frameworks. If the FCA clears the prospectus, the London Stock Exchange will expand its roster of digital asset instruments accessible via regular trading channels.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
