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Rectitude’s $32.6 million Bitcoin financing expired with no purchases

The Singapore supplier said the standby facility ended Oct. 9, 2025, and its filings show no Form F-1 registration, no equity issued for cash, and no Bitcoin balance built.

Reported · Written up by our desk · Market Structure

Rectitude Holdings, a Singapore safety equipment supplier, allowed a $32.625 million financing plan tied to Bitcoin purchases to lapse without settling any shares or cash, according to the company’s annual report filed July 30. The agreement was terminated on Oct. 9, 2025, which was the facility’s preset outside date.

The financing was structured as a standby facility that gave Rectitude the option to sell shares to Constantinople Limited and Chen Zhiqiang at a 2.5% discount to a three-day pricing benchmark. Proceeds were intended mainly for Bitcoin purchases, with the remainder for general corporate purposes, but the company said it did not activate or draw the cash.

Rectitude’s SEC filing history during the 45-day commitment window showed no Form F-1 filing, amended F-1, or notice of effectiveness, conditions described in the contract as prerequisites for any investor purchase obligation. The company’s interim statements through Sept. 30 kept issued shares at 14.5 million and additional paid-in capital unchanged from March 31, and they recorded no proceeds from common share sales.

In the audited annual statements that covered the full commitment window and the following five months, Rectitude reported no common-share proceeds and no Bitcoin or other digital-asset balance, the outlet said, pointing to a lack of purchase cash flow as additional evidence that the facility produced no settled shares or funding for Bitcoin purchases.

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