DeFi Development, formerly known as Janover, has withdrawn a $1 billion issuance after failing to include management’s internal control report in its annual 10-K regulatory filing. The withdrawal occurred due to this critical omission in required documentation.
The suspended funds were originally designated for acquiring Solana blockchain assets as part of the company’s strategic expansion. DeFi Development confirmed the withdrawal doesn’t alter its core objectives and intends to rectify the filing deficiency before resubmitting the issuance application.
This regulatory compliance incident underscores the heightened scrutiny facing cryptocurrency enterprises in corporate finance operations. The company maintains its commitment to pursuing blockchain investment opportunities upon successful refiling.