Renaissance Capital logo

Payment application developer Coro Global files for a $13 million IPO

May 12, 2020
CORO

Coro Global, which is developing a gold-focused payment application and financial security platform, filed on Tuesday with the SEC to raise up to $13 million in an initial public offering. The company is currently quoted on the OTC Pink under the symbol "CGLO" and last closed at $5.50.

The company has not yet launched or generated revenue from it products. It is developing two planned products: Coro, a global money transmitter that will allow customers to send, receive, and exchange currencies, including gold, expected to launch by the end of the 2Q20; and Financial Crime Risk Management (FCRM) platform, an integrated anti-money laundering/know your customer onboarding and transaction monitoring solution for compliance departments, expected to launch in late 2020.

The Miami, FL-based company's predecessor was formed in 2005 and operated under various names (Bio-Solutions, OmniMed International, MedeFile International, Tech Town Holdings) until launching its current product under the name Hash Labs in 2018, when CEO Mark Goode joined; in January 2020 it changed its name to Coro Global. It plans to list on the Nasdaq under the symbol CORO. Aegis Capital Corp. is the sole bookrunner on the deal. No pricing terms were disclosed.