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BitGo plans to sue Galaxy after the company terminates the merger agreement
BitGo has submitted its audited financials to Galaxy, says lawyer representing company The news came just hours after Galaxy Digital announced it would back out of purchasing the crypto platform for failing to provide 2021 audited financial statements by July 31 that meet the requirements of the agreement. BitGo called Galaxy's move, the merger deal...
BitGo plans to sue Galaxy after the company terminates the merger agreement
- BitGo hat seine geprüften Finanzdaten an Galaxy übermittelt, sagt der Anwalt, der das Unternehmen vertritt
- Das Unternehmen stellt fest, dass der Fusionsvertrag nicht vor dem 31. Dezember auslaufen sollte
BitGo has hired a law firm Quinn Emmanuel as it plans to sue Galaxy Digital for ending its deal to acquire the company.
The news came just hours after Galaxy Digital announced it would back out of purchasing the crypto platform for failing to provide 2021 audited financial statements by July 31 that meet the requirements of the agreement.
BitGo called Galaxy's move to terminate the merger agreement an "inadmissible decision" and noted that the deal was not scheduled to expire until December 31.
R. Brian Timmons, a partner of Quinn Emanuel, said in a statement Monday that BitGo complied with its obligations, including submitting its audited financial information.
“Either Galaxy owes BitGo a $100 million termination fee as promised, or it acted in bad faith and faces damages in the amount or amount,” Timmons added.
Galaxy CEO Mike Novogratz said on the company's second-quarter earnings call last week that the company is "evaluating what's best for both companies," adding that the length of the acquisition has been "frustrating."
BitGo CEO Mike Belshe said in Monday's statement that BitGo's customer growth grew threefold in 2021 compared to last year and has continued this year. It ended 2021 with $64 billion in assets under custody.
Galaxy posted a net loss of $555 million in the second quarter.
This is a developing story.
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The post BitGo plans to sue Galaxy after the company terminates the merger agreement is not financial advice.