One investment bank underwriting the public listing of Canadian crypto VC firm NextBlock Global is pulling out, and, in the deck marked “final,” one advisor’s photo was of someone else.
Canadian Imperial Bank of Commerce (CIBC) is pulling out of crypto VC firm NextBlock Global’s public listing after a Forbes article Wednesday revealed several falsehoods in one of its investor decks. Forbes also has learned of further misrepresentations both in the NextBlock Global final investor deck as well as for a previous initiative by NextBlock Global CEO Alex Tapscott with his father Don.
Emails to investors from Sid Ramanathan, whose email signature states he is CIBC’s executive director of Equity Capital Markets – Global Investment Banking, and from Chung Kim, whose email signature identifies him as executive director, Institutional Equity Sales, included one line: “CIBC has withdrawn as an agent from the NextBlock Global Limited private placement.” CIBC declined to comment.
Source/More: CIBC Walks From Tapscott’s NextBlock Global After Falsehoods Revealed; More Misrepresentations Found