Bitgo plans to sue Galaxy after the company has ended the merger contract

Bitgo plans to sue Galaxy after the company has ended the merger contract

Bitgo has commissioned a law firm quinn emmanuel to sue galaxy digital because it has ended its deal to take over the company.

The message came only a few hours after Galaxy announced that it would withdraw from the purchase of the cryptoplate form because it failed to submit a certified annual financial statements 2021 by July 31, which meets the requirements of the agreement.

Bitgo described the step of Galaxy to terminate the merger contract as a "inadmissible decision" and found that the deal should not expire until December 31.

r. Brian Timmons, a Partner of Quinn Emanuel, said in a one Explanation Monday, on which Bitgo has fulfilled his obligations, including the submission of his certified financial data.

"Either Galaxy bustle Bitgo as promised a termination fee of $ 100 million or it acted with evil intent and faces damage in height or height," added Timmon's.

Mike Novogratz, CEO of Galaxy, said last week at the telephone conference on the results of the second quarter that the company "evaluated what is best for both companies" and added that the duration of the takeover was "frustrating".

Mike Belshe, CEO of Bitgo, said in the explanation on Monday that Bitgo's customer growth in 2021 increased by triple compared to the previous year and continued this year. It ended in 2021 with a kept of $ 64 billion.

Galaxy recorded a net loss of $ 555 million in the second quarter.

This is a developing story.

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The article Bitgo plans to sue Galaxy after the company has ended the merger contract is not a financial advice.