The post Galaxy Digital Ends Merger With BitGo appeared first on theprimarymarket.com.
]]>But not only is Galaxy Digital backing out of the deal—they’re also refusing to pay a termination fee, stating that BitGo failed to provide “audited financial statements for 2021 that comply with the requirements of our agreement.”
In response, BitGo naturally wasn’t happy with Galaxy’s decision, calling it “improper.” BitGo has now hired a major law firm to try and recoup a reverse break fee that’s reportedly worth $100 million.
This deal would’ve been a major step for BitGo, but now they’ll suffer a setback as a result.
R. Brian Timmons, a BitGo representative from Quinn Emanuel, stated: “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.”
According to him, the merger deal was never scheduled to expire, and thus Galaxy’s termination is truly inappropriate.
The post Galaxy Digital Ends Merger With BitGo appeared first on theprimarymarket.com.
]]>The post Galaxy Digital Ends Merger With BitGo appeared first on theprimarymarket.com.
]]>But not only is Galaxy Digital backing out of the deal—they’re also refusing to pay a termination fee, stating that BitGo failed to provide “audited financial statements for 2021 that comply with the requirements of our agreement.”
In response, BitGo naturally wasn’t happy with Galaxy’s decision, calling it “improper.” BitGo has now hired a major law firm to try and recoup a reverse break fee that’s reportedly worth $100 million.
This deal would’ve been a major step for BitGo, but now they’ll suffer a setback as a result.
R. Brian Timmons, a BitGo representative from Quinn Emanuel, stated: “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.”
According to him, the merger deal was never scheduled to expire, and thus Galaxy’s termination is truly inappropriate.
The post Galaxy Digital Ends Merger With BitGo appeared first on theprimarymarket.com.
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