Nexo issued an open letter to creditors of Singapore-based rival Vauld, which it is attempting to acquire, after Vauld announced that it had suspended all withdrawals, trading, and deposits on its platform, filed for creditor protection, and was considering restructuring options.
The letter comes amid differing opinions about the acquisition process. Earlier in the day, Vauld stated that the July deal had “not come to fruition.” Nexo responded by saying that talks were ongoing and that it hoped to complete the purchase soon. Vauld has until January 20 to come up with a restructuring plan.
Nexo, according to the open letter, presented a revised proposal on December 2. It claimed that the transaction’s negotiating team “faced daily challenges, such as receiving slow and incomprehensible financial and legal due diligence information,” and that the terms of the deal presented to Vauld creditors were “misleading.”
“The intention of this communication was to create transparency to Vauld’s creditors, where it has been insufficient, regarding the merits of Nexo’s acquisition plan, as well as to contribute final improvements to some of the proposal’s commercial terms based on feedback from Vauld’s community,” the letter, signed by Nexo Management, said.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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