Zipmex offered $ 100 million to “save” business in exchange for 90% of the shares
The Thai Zipmex Crypto -Ride Thai -Thai Crypto -Existing Assistance is close to signing a transaction for $ 100 million with a current investor for “saving business”. This is reported by The Block.
According to the publication, V Ventures venture company is ready to allocate funds in exchange for 90% of the shares of the trading platform. The company founded by the son of local billionaire Praouta Mahagitsiri is the current ZipMEX investor.
V Ventures plans to close the transaction on November 4 with the approval of the final conditions, the sources of The Block said.
Among the requirements are the consent of the top management of the exchange to three-year labor contracts with the inability to leave the company during this period. Binance mistake, Also, the fellow citizens Marcus Lim, Akalarp Yimvili and the Marketing Director Praud Limpongan should give personal guarantees for compensation for any losses that V Ventures may incur V Ventures.
The parties refused to comment on personal obligations. According to journalists, Limpongan “clearly made it clear” V Ventures that she would not sign a guarantee.
At the end of July, Zipmex suspended the withdrawal of funds, referring to the “combination of circumstances” that is not absorbing from her. After a couple of days, the platform partially resumed operations.
Then the company announced negotiations with an unnamed “third party” regarding the “salvation” of the business. ZipMEX liquidity deficit was explained by partners’ problems – Babel Finance and Celsius Network. Their obligations amounted to $ 5 million and $ 48 million, respectively.
The exchange also appealed to the Singapore court to protect against creditors. On August 15, the platform achieved the renewal of the moratorium until December 2.
Recall that the Thailand securities and exchanges commission applied to the police with a statement on ZipMex and Yimvili.
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