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@Mysten_Labs has reached an agreement with #FTX debtors to buy back FTX's equity investment in Mysten Labs and SUI token warrants for $96.3M in cash.
FTX has invested a total of US$102 million in Mysten Labs’ B round of financing, obtained about 570,000 preferred shares, and obtained about 890 million Sui Token token subscription warrants. The average cost of the lead investor FTX investing in Sui Token is very low, about $0.114.
FTX's two acquisitions of SUI token warrants are very important: Alameda and FTX Trading obtained approximately 173 million and 346 million token warrants for a total of 519 million Sui Tokens at a price of $500. These 5.19 Sui Tokens will be used for market-making transactions on the FTX platform after the Sui mainnet is launched and the Sui Token is activated.
With the collapse of FTX, the protocol for this token warrant does not exist anymore.
Aside from FTX’s market-making chips, the cost for other B-round investors to obtain Sui Token token warrants can still refer to FTX Ventures, with an average cost of about US$0.28-0.31.
At present, FTX debtors can continue to "seek higher offers from other third parties" until the court finalizes the sale date.
After dealing with the issues with FTX debtors, the SUI mainnet launch and the release of Sui Token do not need to consider the handling of the previous investment chips from FTX.
The $96.3 million cash repurchase may correspond to previous news, Mysten Labs CEO Evan mp.weixin.qq.com/s/5ElBRqlQshq...… twitter.com/i/web/status/16408...
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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