Vauld says Nexo acquisition has broken down

Hull Invest

Acquisition talks between Vauld and potential buyer Nexo have broken down, one person said. report Bloomberg published on Dec.

Bold is one of several crypto lending and borrowing companies to suspend withdrawals this summer due to the widespread liquidity crisis. The company took him out of service on July 4th and filed for creditor protection on July 8th.

Meanwhile, Vauld’s competitor Nexo took steps to bail out the failed company by buying it. According to the latest information from Vault, Nexo was in acquisition talks until recently. September 6thas the two companies extended their due diligence processes at the time.

But in an email obtained by Bloomberg today, Bold appeared to indicate that talks to the deal have ended. In that email, Bold said it was “previously considered a potential acquisition” at Nexo. The company summarized recent events by stating that past discussions “unfortunately have not materialized.”

However, Nexo said in its own statement that it is still working with Vald. Nexo said it submitted a modified takeover offer on Dec. 2.

In a statement quoted by Bloomberg, Nexo said it was dedicated to “providing creditors with the most favorable avenue” and would work to help them.

Noting that Nexo has faced other challenges in recent months, smear campaign In it, its founder was accused of embezzling charity funds. The company is also discontinuing its service in the US due to regulatory challenges⁠—a change likely to have attracted attention in recent months.

Bold has until January 20th to present a restructuring plan. So the two companies have little time to reach an agreement, even though Nexo claims the talks are still open.

Posted In: Bankruptcy, Loans

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