D'Geschicht vun Galaxy Digital Holdings Ltd.OTCMKTS:BRPHF) has terminated its acquisition agreement with BitGo, a digital asset custodian Galaxy announced plans to acquire in May 2021.
According to details the financial services firm shared on Monday, the move to terminate the acquisition is based on terms of the deal, which BitGo reportedly failed to honour.
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an engem Ausso, Galaxy noted that the custodian failed to deliver its audited financial records for 2021 by 31 July, 2022.
Mike Novogratz the CEO and founder of Galaxy Digital commented:
"Galaxis bleift positionéiert fir Erfolleg a profitéiert vu strategesche Méiglechkeeten fir nohalteg ze wuessen. Mir verpflichte eise Prozess weiderzeféieren fir an den USA ze lëschten an eise Clienten eng primär Léisung ze bidden déi d'Galaxie wierklech zu engem One-Stop-Shop fir Institutiounen mécht.
The failure to comply with the terms of the acquisition and Galaxy’s termination does not attract any fees, Galaxy noted in its press release.
The decision to end plans to buy BitGo have impacted Galaxy Digital’s intentions to go public on the Nasdaq, with delays in the acquisition now pushing these plans to end of 2022.
If that happens, subject to an approval by the US Securities and Exchange Commission (SEC) and the Nasdaq stock exchange.
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Source: https://invezz.com/news/2022/08/15/galaxy-digital-terminates-acquisition-of-bitgo/