Acquisition talks between Vauld and its potential buyer, Nexo, have reportedly broken down.
Vauld, a cryptocurrency lending and borrowing company, suspended withdrawals in July due to a liquidity crisis and filed for creditor protection.
Nexo, a competitor of Vauld, had been in talks to acquire and rescue the company, but Vauld stated in an email obtained by Bloomberg that these talks have “unfortunately not come to fruition.”
Nexo, however, claimed that it submitted a revised acquisition proposal on Dec. 2 and is dedicated to “offering creditors the most favorable path forward.”
Vauld is required to present a restructuring plan by Jan. 20, so there is limited time for the two companies to reach an agreement.