Himalaya Technologies is eyeing a dramatic pivot into the cryptocurrency market, buoyed by CEO Vikram Grover’s recent $58 million default judgment against a rival crypto ecosystem operator.
Grover, Himalaya’s controlling shareholder, won the judgment last week and plans to leverage it to gain control of publicly traded firms with crypto and fintech assets.
Grover, Himalaya’s controlling shareholder, secured a $57.9 million default judgment against Net Savings Link (OTC: NSAV) and China Food and Beverage Co. (OTC: CFBV) on December 20.
The judgment stems from a 2021 lawsuit related to a business dispute, paving the way for Grover to pursue control of the defendants’ crypto assets and other fintech investments.
Himalaya, a publicly traded holding company, is now exploring the possibility of integrating these acquired assets into its portfolio. Both Grover and Himalaya have signed a memorandum of understanding (MOU) to assess the potential infusion, but no formal agreements are in place.
The default judgment and subsequent collection efforts present a significant opportunity to unlock value within Net Savings Link and China Food and Beverage,” stated Grover in a press release. “These businesses possess substantial upside potential when properly capitalized and managed under a transparent, audited public company like Himalaya.”
Grover highlighted the significant valuation gap between Himalaya’s current market cap and the peak valuations of Net Savings Link and China Food and Beverage, suggesting a potential game-changer for Himalaya’s shareholders.
However, Himalaya cautioned that the potential acquisition remains contingent on several factors, including successful financing and compliance with regulatory and legal requirements. Additionally, the company emphasized that no binding agreements have been signed at this stage.
Investors and market watchers will be closely following the developments as Himalaya navigates the complexities of this potential transaction and its foray into the crypto sphere. The company’s recent filing with the SEC under Form 8-K provides further details on the legal case, judgment, and MOU.