FTX Debtors Have Agreed To A Sale Of $95 Million

0
107
FTX Debtors
ftx

The FTX debtors for the now-defunct crypto exchange have already signed an agreement that would sell the preferred stock of the company to Mysten Labs, which stands behind Sui Blockchain.

In a filing that took place on the 22nd of March in the United States Bankruptcy Court in the Delaware district, the debtors went on to propose a plea in which the company and Mysten Labs would be agreeing to a mutual release of claims. As a major part of the agreement, the debtors had also planned on selling around $95 million worth of preferred stock back to the company along with $1 million in SUI Tokens. 

FTX Debtors Has Reached An Agreement With Mysten

The filing also stated that the FTX debtors had carefully analyzed and considered this offer that had been set forth in the Agreement– which was a comparison to the other options, and concluded that a sale of the Interests would result in receiving the maximum value for the interests- and would also be in the best interests of the creditors and estates of the debtors themselves. The purchase price would also be equal to around 95% of the amount of FTX ventures that had originally been a part of the Preferred Stock of Purchaser-Subject Company- with around 100% of the amount that Sellers had paid for the token warrants of SUI. 

The deal between the FTX debtors and the company will be subject to court approval, and the possibility of other bids on the stock before it gets finalized. FTX Ventures had also acquired this stock as a part of a funding round of $300 million with Mysten that was announced in September 2022. The investment also came before FTX filed for bankruptcy in November.