Lithuanian-owned payment services company Paysera has canceled its security tokens offering (STO), launched two weeks ago, saying it failed to attract enough interest from investors.
Payment company Paysera cancels its STO
© Stop kadras

"We have to acknowledge that the first STO in Lithuania was unsuccessful and, by the decision of all shareholders of the group, we have to exercise our right to cancel the offering after failing to reach the minimum target," Kostas Noreika, the Paysera Group's main shareholder, said in a statement on Thursday.

Paysera expected to raise 2.5 million euros to help finance the group's expansion in Lithuania and other European countries.

The company planned to sell at least 1 million securities and attract at least 1,000 new customers.

Noreika said that despite the failure, the company will go ahead with its investment plans, but will use its retain earnings as the source of funding.

The Paysera Group posted a net profit of 1.5 million euros last year as revenue soared by 39 percent to 10.6 million euros.

It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Minister: budget deficit to narrow, debt-to-GDP ratio to stabilize in 2021

The Lithuanian state's 2021 budget bill has been drafted with the aim of reducing the general...

One in 3 Lithuanians feels anxious about money

Thirty-nine percent of Lithuanians feel anxious about their finances every day, which adversely...

Simonyte: key budget issue is what to do with borrowed money (1)

The key question related to Lithuania's next year budget is what will be done with borrowed money...

Minister: Lithuania financially capable of withstanding another coronavirus outbreak

Lithuania would be financially capable of withstanding another coronavirus outbreak, Finance...

A new commercial bank has launched operations in Lithuania

PayRay , a Lithuanian financial sector company, has started a new page of its business service...

Top news

Only every 2nd resident would get coronavirus jab

Only half of Lithuanian residents would get a coronavirus vaccine once it is become available,...

Energy Minister: Moscow's note shows Baltics are taking right steps

Moscow 's call on Lithuania to review a new draft methodology for electricity trade between the...

China expresses resentment over Freedom Party's Taiwan independence support

The Chinese Embassy in Lithuania has on Friday expressed its resentment over the Lithuanian...

Nauseda urges to refrain from family gatherings on long weekend

Lithuanian President Gitanas Nauseda on Friday called on people to refrain from family gatherings this...

Health minister says nationwide quarantine possible

Lithuanian Health Minister Aurelijus Veryga on Friday did not rule out introducing a nationwide...

|Maža didelių žinių kaina