Hodlnaut rejects OPNX acquisition proposal, believing $30 million FLEX lacks liquidity

2023/09/19 19:59
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The interim judicial manager of Singapore-based cryptocurrency lending firm Hodlnaut has objected to the terms of an acquisition proposed by crypto claims and trading platform Open Exchange (OPNX). According to court documents seen by Bloomberg, administrators called OPNX’s offer of $30 million in FLEX digital tokens “illiquid” and of “speculative value.” Most creditors, which account for 60% of Hodlnaut Group's total debt, also oppose the deal. Other concerns cited in the filing include "no infusion of cash or similarly liquid assets" (such as Bitcoin or Ethereum), no timetable for repaying debt to creditors, and no details on payments other than 30% of the liability. .

As previously reported, according to people familiar with the matter, the crypto claims and trading platform OPNX plans to inject $30 million worth of FLEX digital tokens into the crypto lending platform Hodlnaut to fund the payment of some creditors and complete the claims process. According to relevant terms, after FLEX’s capital injection, OPNX will own 75% of Hodlnaut’s shares. The document mentioned that if creditors agree to the plan, they will receive 30% of their claims in FLEX and other tokens, or a prorated payment of up to 95% of the total available corporate asset pool, whichever is higher.

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