The management of BTCS Inc. (OTCQB:BTCS), a blockchain technology focused company, has demonstrated their commitment to execute on key milestones by voluntarily escrowing 24 million founder shares of their BTCS common stock holdings. The value of these stock holding are approximately $2.14 million, as of February 19, 2016.
According to the press release:
Should the Company fail to close its pending merger with Spondoolies-Tech Ltd. (“Spondoolies”), half the escrowed shares (12 million) will be returned to the Company for cancellation for no consideration. The remaining half of the escrowed shares (12 million) will be returned to the Company for cancellation for no consideration should it fail to complete an uplisting to a major exchange such as the Nasdaq or NYSE.
“Michal and I are extremely confident in our ability to complete these key strategic milestones well within the timetable established in the escrow agreement,” stated Charles Allen, CEO of BTCS. “Voluntarily placing shares representing 15% of the Company in escrow under the terms outlined shows how committed we are to executing on our plans and the future growth of the Company.”