Our Exchange Listing Has Been Postponed. This is Why…
I regret to announce this, but unfortunately Acorn’s exchange listing will be postponed a little further.
The last few weeks have been frustrating. Frustrating not just for the team and me, but certainly very frustrating for you. For this, I apologise. Sorry for the delay and for not keeping you updated as we normally do.
I wish to give you a full explanation of the reasons behind this decision.
Our private sales haven’t delivered.
You may have seen us mention a major private sales partner in recent months — CEO of BellAcre and Whisper IP, Dan Welton. We introduced him to you in a Medium article and he spent some time in our Telegram channel. Ongoing work over the past three months led to Dan having raised above $5M for us already, with another $5M very likely.
Whilst pending the transfer of these funds, the public ICO was also coming to an end so we started to close the private sale round and get ready to list.
Fast-forward to now, and despite weeks of conversations and assurances, we have not yet received any of the promised funds. We’re still investigating the potential remaining outcomes, but so far this is highly unusual and we also know we are not the only company who has been affected.
The entire team and I are incredibly troubled by this situation, and regret that we were not able to realise this sooner.
We will update the community as soon as we reach a resolution.
What does this mean?
We are continuing with private sales
As result of this we have decided to continue to work our private sales pipeline. We are confident that we have a substantial amount of private buyer interest, and our sales team will be going back to interested parties to continue discussions. Acorn has substantial name recognition and a good amount of interest has been shown in the project.
Exchange listing will be delayed
This, of course, means that we will still need to delay our exchange listing until private sales have been finalised. We are still working closely with HitBTC and will reschedule a new listing date once the private sale situation has become clearer. We cannot set an exact date at this stage but we expect it to be no later than November.
What does this mean for you?
I understand this delay is extremely annoying for you. Waiting and uncertainty suck, especially where your money is concerned.
There is no excuse I can make to ease this frustration. However, I promise that we will overcome this. This exchange listing delay will be as much a benefit to you as a contributor, as it is to benefit the company and our project.
Alongside helping us to raise more funds for the platform, it gives us the best chance to keep the value of OAK stable for when trading and usage on our platform begins.
Have you had contact with Dan directly?
If you have had contact directly with Dan or Whisper regarding Acorn, please notify us on firstname.lastname@example.org. Alternatively, you can message one of our admins on our Telegram channel.
Will the platform still go ahead?
Our Tech Team will continue working as hard as ever to develop the platform. Acorn’s goal is a hugely ambitious project with industry-changing potential — a fact that the team and I have never lost sight of.
We have a long list of respected platform partners, and hundreds of projects waiting to list once the platform is live. Pending further funding being secured, we aim to have early stage component ready for token utilisation within 2–3 months.
What happens now?
We are going ahead with our private sales conversations, and expect this to take several months to secure the level of funding we ideally require, although it is very possible that this could happen sooner.
In the meantime, we will be working hard to build the early stage of our platform to achieve:
- Utilising the OAK token
- Establishing a revenue stream
- Supporting our private sales outreach
We will keep you updated on ongoing developments as they happen, and as we have a clearer idea of when we will be approaching listing.
I can only apologise for this unintentional delay and hope for your continued support of Acorn.
Tomorrow, Thursday 2 August 2018, we will release a detailed roadmap for the next 6 months of the company, alongside a Telegram Q&A with CCO Ed and myself at 11am UK time. **see below for roadmap**
With kind regards,
Update 2 August 2018: Our roadmap for product and company.