A crypto financial services and investment management innovator, Galaxy Digital Holdings announced that it has exercised its right to terminate the acquisition agreement with BitGo. The decision has been taken following BitGo’s failure to deliver audited financial statements for 2021 by an end-of-July (July 31, 2022) deadline.
These financial statements were required under the agreement. Galaxy Digital also clarified that no termination fee is payable in connection with the termination.
The acquisition was announced in May 2021 for what was at that time about $1.2 billion in cash and stock. The deal was expected to close by the end of the year, however, it was delayed as Galaxy digital awaited U.S. SEC’s approval over its plan to reorganize as a Delaware-based company.
“We are committed to continuing our process to list in the U.S. and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions,” said Mike Novogratz, CEO and Founder of Galaxy.
