CO-FOUNDERS LAMENT CHALLENGES FACED BY CROWDFUNDING EXCHANGE
NASSAU, Bahamas –ArawakX is awaiting Securities Commission of The Bahamas (SCB) approval to list 28 companies on the crowdfunding exchange, the company said in an email to subscribers, The Nassau Guardian reported on Thursday, August 3, 2023, in a article written by Chester Robards.
Co-founders D’Arcy Rahming Sr. and D’Arcy Rahming Jr. also lamented the company’s challenges in the email, including having to take the company’s bank to court to release funds.
It adds that ArawakX’s platform is also undergoing improvements.
“We are pleased to write this update to all of our customers and stakeholders. I want to thank you for your support as we continue to develop and improve this market,” the founders said.
“From the beginning of ArawakX we sought to increase access to fast growing companies and wealth creation for every Bahamian. If someone had told me of the challenges we would face, I wouldn’t have believed them. It turns out that truth is stranger than fiction.
“But I will say that the principal ideas of ArawakX are stronger than fiction. The core ideas of ArawakX are of financial inclusion and financial liberty.”
The email adds: “That being said, we are experiencing challenges and are actively working on solutions.”
The founders assured that the four companies that successfully raised funding through the platform have started to release their semi-annual reports to shareholders. Those companies are Tropical Gyro, Pinnacle Franchise Brands (Red Lobster), Footcare RX and Nassau Gas and Tanks.
The Rahmings said those reports will outline what has been done with the investments thus far. They reminded investors that their investments are protected by law.
“We will continue to ensure that your rights are protected in these matters,” the founders said.
“Some other news is that there are 28 companies ready to list, awaiting approval from the SCB. So as soon as they allow it, there will be many more opportunities for you to participate as investors in new companies.”
They explained that investing at this stage means that the company receives the investment money and works to grow it in order to make a return, some of which is then returned to the investor.
“No investment is without its risks, so the laws and processes and ArawakX will ensure that the necessary information is available to you to make calculated risks according to your investment strategy,” the email said.
“As always, ArawakX is committed to nurturing, protecting and making these markets work for the benefit of all stakeholders.”
See article in The Nassau Gurdian at https://thenassauguardian.com/arawakx-awaiting-scb-approval-to-list-28-companies/
