the crypto financial services firm Galaxy Digital, seeking more than $100 million in damages for allegedly breaching its $1.2 billion merger. The lawsuit has been filed in the Delaware Chancery Court.its intention to acquire BitGo in order to provide cryptocurrency trading services to institutional investors.
The deal was expected to bring 400 new clients to Galaxy Digital. An aggregate transaction value of approximatelyGalaxy Digital had decided to retain BitGo employees, besides offering employment agreements to the management team members. At that point in time, it was expected that the deal would close by the fourth quarter of 2021.
, Galaxy CEO, and founder had said that the company remained committed to continuing its process to get listed in the United States. The statement also revealed that Galaxy intended to complete its proposed reorganization and domestication to become a-based company and get listed on Nasdaq upon completion of the Securities and Exchange Commission’s review and subject to stock exchange approval of such listing.that the former had submitted the audited 2021 statements to the latter.
Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more.”Calling the termination of the deal “absurd,” BitGoGalaxy Digital had, indeed, reported a net loss of $554,720 for Q2 2022 as per itsRead the best crypto stories of the day in less than 5 minutes
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