Kim Dotcom postponed the news about his new service MegaUpload 2.0 for a few days following an undisclosed obstacle, referring to some kind of "roadblock" in his tweets just a couple hours before the hour X. Only now the public knew that Kim was going to announce a merger with some publicly listed Canadian company that day, but he faced a problem with the stock exchange.

5 years ago, the original MegaUpload website was shut down following a US criminal investigation, and its team is still in New Zealand fighting the extradition, while its users still can’t get their files back. MegaUpload’s founder, Kim Dotcom, has a tradition to celebrate the anniversary of the shutdown (coupled with the raid of his house) by launching some new services making him even more powerful than before. This time, he wanted to announce news about its successor MegaUpload 2.0 and the associated innovative Bitcache service, but had to terminate the speech due to an unexpected "roadblock".

It turned out that he was ready to announce a merger deal with a Canadian company that would bring in another $12m in capital to the venture. It must be noted that MegaUpload 2.0 and Bitcache have already secured their initial investment round, raising well over a million dollars in just 2 weeks. Now the startup decided to raise more capital and struck a stock and cash merger deal with a publicly listed company at a $100 million valuation. However, the Canadian Securities Exchange swiftly interrupted, objecting to the merger and thus effectively blocking the announcement. Trading of the stock was halted. According to Dotcom’s tweets, the Exchange demonstrated a bias against the merger and requested further information.

Thanks to TorrentFreak for providing the source of the article.