Rectitude Holdings, a Singapore-based safety equipment supplier, saw its $32.625 million Bitcoin financing facility expire on October 9, 2025 without any shares or cash being settled. The agreement, signed on August 25, 2025, was contingent on a prior SEC Form F-1 registration statement, which never appeared during the 45-day window. The company’s accounts confirm no capital increase or digital asset cash flow, with the Bitcoin balance remaining at zero. Investors Constantinople Limited and Chen Zhiqiang never had a purchase obligation because the registration prerequisite was never met.
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