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The Securities and Exchange Commission (SEC) this week announced the temporary suspension of trading in the securities of CIAO Group, Inc. (CIAU) due to concerns over an Initial Coin Offering (ICO).
The SEC issued the suspension order on August 9th, which will terminate on 23 August 2017. It said:
“The Commission temporarily suspended trading in the securities of CIAU because of questions regarding the accuracy of assertions by CIAU in press releases to investors concerning, among other things, the activities of the company with respect to business plans in the telecommunications industry and plans for an Initial Coin Offering or ICO. This order was entered pursuant to Section 12(k) of the Exchange Act.”
Ciao Group last month revealed its plans for the ICO as part of its Blockchain Frontier Markets Project, with a specific initial target of bringing increased liquidity to USD$530 billion in African publicly traded company market capitalization.
Following the suspension order, the company has announced further details on the ICO. In an official release dated 10 August 2017, CIAO Group said:
“The Company plans to introduce an Investment Token backed by stocks of publicly traded companies listed on African country exchanges that collectively make up USD$530 billion in market capitalization. Funds raised in the ICO will be utilized to facilitate dual listings of African public companies in the United States. The Ciao African Investment Token will be backed by stock of African public companies traded in the United States. The planned ICO is an integral part of Ciao's Blockchain Frontier Markets Project now under development for over a year.”
The Nevada-based corporation is currently in the process of changing its name to NuMelo Technology as part of its business plan.
The SEC cautioned interested parties saying:
“The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.”
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