AAX Operational Updates
19 Nov 2022
Note that the Press Room on trends.aax.com is the only official channel for public announcements and updates.
Dear AAX users, we apologize for the wait and inconvenience caused over the past week. As there were many new developments, our team needed more time to respond to the overwhelming amount of questions in the community. Before reaching a consensus, we had to withhold sharing updates to avoid confusion and misaligned communications. Meanwhile, we observed harmful attempts to spread fake news to endanger our position further. Note that the press room on trends.aax.com is the only official channel for public announcements and updates.
Our team has met with over 50 interested investors in the past week, a few of whom entered the critical stages of our negotiation. These prospective investors need more time to evaluate the situation of AAX and do their due diligence. AAX has a chance of receiving sufficient funding and resuming normal operations over the coming weeks based on best estimation. This is the best outcome for all AAX partners and users.
Resuming normal operations
Based on the suggestions of all parties, it is important to gradually restore the orderly operation of the platform. Coming Monday, we will close all outstanding derivatives contracts of our users. We will provide more details on this later. This is the first step towards normal operations. Next, after verifying that our data is sound and complete, we will reopen contract trading, followed by Battle and SpaceRun the week after. Other services require further evaluation. We will share more on the timeline in our upcoming updates.
Changes regarding refinancing
We have important updates on our last mention of asset restructuring after a thorough discussion with the team and taken the platform users’ feedback into consideration. In the most challenging situation, AAX would be open to exploring a debt-to-equity structure as it has a higher chance of helping AAX resume full operation from the analysis of previous industry practice, which is a viable option for the current situation.
We will not give up and will try our best to weather the storm despite the turbulence in our industry. Regarding updates on withdrawals, we expect to announce them within the next week. Stay tuned for further updates. We hope users can continuously support us in this process and overcome this together.
Share this article