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So what happens to Kik now? Funding-wise, I mean. The press release says that: "the company’s management predicted internally that it would run out of money in
by flunhat 7y ago
So what happens to Kik now? Funding-wise, I mean.
The press release says that: "the company’s management predicted internally that it would run out of money in 2017. In early 2017, the company sought to pivot to a new type of business, which it financed through the sale of one trillion digital tokens."
I'm guessing that they spent a decent amount of the money they raised through the ICO. If they have to give it back, will they have to take on even more funding from a VC at even worse terms?
- bilbo0s 7y ago>If they have to give it back, will they have to take on even more funding from a VC at even worse terms? ... I think they are far more worried about being referred at this point. Who cares if you have try to pay back ICO investors? As long as you can stay out of prison, any terms are good terms. I suspect a good many people at Kik will be losing property they own, because this will definitely pierce the veil so to speak. But at times like this, only losing personal cash and property is a win in my book.
- jdsully 7y agoKik is a Canadian company, and based upon most Canadian business owners I know their personal assets are most likely off-shored in one of the popular Caribbean islands used for this purpose. Tax evasion is rampant here.
- mrosett 7y agoWhy do you think this will pierce the veil? I don’t know the rules around that.
- CPLX 7y ago> If they have to give it back, will they have to take on even more funding from a VC That seems remarkably optimistic. The two likely options here seem to be dissolution with heavy fines for all involved, or something even more serious than that.
- cthaeh 7y agoHow would these sort of cross border fines even work? I highly doubt Canada will extradite Kik executives.