2 years ago
Cryptocurrency staking steadfast BitGo filed a suit against Galaxy Digital connected Sept. 12 seeking damages of implicit $100 cardinal for breaching the merger agreement, BitGo announced connected Twitter.
Late yesterday, BitGo filed a suit against Galaxy Digital seeking damages of much than $100 cardinal arising from Galaxy’s improper repudiation and intentional breach of its merger statement with BitGo.
— BitGo (@BitGo) September 13, 2022
In May 2021, Galaxy Digital announced that it had agreed to get BitGo for $1.2 cardinal successful stocks and cash. Both companies’ boards approved the transaction.
However, connected Aug. 15, 2022, Galaxy Digital announced that it was terminating the acquisition plan. Galaxy Digital said that BitGo had failed to comply with the presumption of the agreement, which required it to taxable audited fiscal statements for 2021 by July 31, 2022. The steadfast further stated that “no termination interest is payable” successful the case.
But BitGo’s lawyers assertion that the steadfast honored each its obligations, including the transportation of the audited fiscal reports. R. Brian Timmons, a spouse with Quinn Emanuel, the instrumentality steadfast representing BitGo, said successful the Aug. 15 press release:
“The effort by Mike Novogratz and Galaxy Digital to blasted the termination connected BitGo is absurd.”
According to BitGo’s connection successful August, Galaxy Digital had committed to paying a reverse interruption interest of $100 cardinal successful March 2022 successful bid to transportation BitGo to widen the merger agreement. At the time, Timmons had said that Galaxy Digital owes BitGo the promised $100 cardinal termination fee, oregon “it has been acting successful atrocious religion and faces damages of that overmuch oregon more.”
The station BitGo sues Galaxy Digital for $100M implicit breached merger agreement appeared archetypal connected CryptoSlate.
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