Banxa Holdings Covered by Fundamental Research Corp.

Published on: Jan 14, 2021
Author: Amy Liu

Fundamental Research Corp (“FRC”), one of the largest equity research houses in the market, issued an introductory note on the newly listed company, Banxa Holdings (TSXV:BNXA) on January 7th.

Banxa Holdings Inc., a Payment Service Provider (fiat-to-crypto and vice versa) (PSP) company based in Australia, went public on January 6, 2021, through a reverse-takeover of a TSXV listed capital pool company. (BANXA (TSX-V: “BNXA”) Commences trading on the TSX Venture Exchange and Reports Record Transaction Volumes) Prior to going public, the company raised US$5M. As part of the listing, the company raised an additional $4M, and these funds will be allocated to product development and geographic expansion (40%), marketing and branding (30%), working capital (20%), and listing fees (10%). The company has 41M shares outstanding, implying a current market capitalization of $151M. Shares are up 268% in under two days, from its listing price of $1. Management and board own 27% of the outstanding shares.

The company share is currently trading at around $2.15, so it is still well above its IPO price.  If you like to read the full report please go to the following link here.

Cryptocurrency Fintech