Overview
- Shareholders voted overwhelmingly on Sept. 28 to amend the company’s articles and authorize the proposed preferred shares, with roughly 99.8% support for the three resolutions.
- The new securities would trade under the ticker MORE as perpetual, non‑voting preferred shares that pay a cumulative variable dividend on a weekly basis and carry a liquidation preference.
- The company is targeting gross proceeds of £15 million to £25 million with a £10 million minimum threshold and has said proceeds would be used to expand its Bitcoin treasury.
- The offering remains conditional on an FCA‑approved prospectus, at least three registered market makers, a 50% public float and general market conditions, so the IPO will not proceed if those criteria are unmet.
- Smarter Web holds roughly 2,700–2,900 BTC after a multi‑year accumulation strategy funded by equity sales, convertibles and a Coinbase credit facility, and analysts say MORE could broaden investor access to corporate Bitcoin but raises execution, regulatory and Bitcoin‑price risks for investors.