Jon Southurst
Jon Southurst
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BitGo sues Novogratz's Galaxy for $100M after merger deal turns sour

BitGo sues Novogratz's Galaxy for $100M after merger deal turns sour

In a case that echoes Twitter’s action against Elon Musk, digital asset wallet  (TSE: ) after Galaxy pulled out of a U.S.$1.2 billion acquisition deal. BitGo is  $100 million in damages after filing suit in Delaware’s Chancery Court earlier this week.Galaxy, described as a digital asset merchant bank, had initially made the $1.2 billion cash and share-swap merger deal in May 2021. It formed part of Galaxy’s plans to move its registered location to Delaware and gain a Nasdaq listing—something that required SEC approval.As recently as April 2022, Novogratz had praised BitGo as “a...

Sep 14
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