BTCS Inc (BTCS)

[pie777]

Form 8K - BTCS

February 19, 2016

"The Listing Escrow Shares will be returned to the Company for cancelation for no consideration if the Company fails to achieve the Listing Condition. The return of 12,000,000 escrowed shares (the “Merger Escrow Shares”) to the Principal Stockholders shall be based upon the successful consummation of the merger with Spondoolies-Tech Ltd. (“Spondoolies”) on or before December 31,2016 (the “Merger Condition”). "

Although the merger with spondoolies failed because of default on spondoolies part, there was a chance spondoolies would have chance to complete the merger with BTCS if other financing was awarded to BTCS before December 31, 2016. - In other words, the "merger condition" was left open till the end of 2016, where it would have been very unlikely for any loan company, or bank to want to loan money to BTCS, because spondoolies could have reorganized, and completed the deal by December 31, 2016.