Bankrupt cryptocurrency exchange FTX has reached an agreement with Emergent Technologies, founded by Sam Bankman-Fried, to acquire more than $600 million worth of shares in Robinhood.
According to a motion filed Sept. 6 in Delaware Bankruptcy Court by FTX CEO John Ray III, FTX will pay Emergent $14 million to cover management fees related to its application to withdraw 55 million shares of Robinhood stock and cash.
The settlement also provides an avenue for Emergent to quickly resolve its bankruptcy case in Antigua.
FTX said the agreement helps to recover more money for creditors and avoid further litigation costs, adding that it is a key step in maximizing value for creditors in its restructuring plan.
FTX will pay Emergent $14 million to recover 55 million shares of Robinhood stock and cash
2024-09-10 04:43:54
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