According to Nexo’s open letter, “Nexo’s Final Proposal is the best possible path forward and is the only path forward. Nexo’s team has devised a plan that will create the maximum value possible for creditors, and it is a plan that we know and have proven that we can execute.”
Crypto lender Nexo has published an open letter in response to Vauld rejecting its final takeover proposal.
On December 26, 2022, Vauld pulled out of its ongoing discussions with Nexo. The firm cited Nexo’s refusal to respond to due diligence requests as one of the main reasons for terminating the proposed deal. The following day, Nexo responded by making changes to the offer for purchasing Vauld’s assets.
However, Vauld unanimously rejected Nexo’s final takeover proposal on January 6, 2023. Vauld’s Co-Founder, Darshan Bathija, claimed that Nexo failed to provide documents to prove its solvency. Furthermore, Vauld announced it will continue discussions with a shortlisted group of fund managers to provide relief to its clients.
A few hours later, Nexo penned an open letter as a response to Vauld’s claims. In it, Nexo accused the firm’s officials of not keeping creditors’ best interests by unfairly terminating the takeover deal with Nexo. The crypto lender also disagreed with Vauld’s plans of favoring competitive bids from an unknown fund manager over Nexo’s proposal.
Nexo’s Co-Founder, Kalin Metodiev announced that they will host an AMA (Ask-Me-Anything) session next week to quell doubts regarding the deal with Vauld, adding,
“In contrast to most everyone in the space, Nexo has a third-party confirmation that our assets exceed liabilities via our real-time attestation that is live since mid-2021.”
