Hodlnaut rejected OPNX's acquisition proposal, stating that the 30 million dollar FLEX lacks liquidity

2023-09-19 20:00:51

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ChainCatcher news, the interim judicial manager of Singaporean cryptocurrency lending company Hodlnaut has opposed the acquisition terms proposed by the cryptocurrency claims and trading platform Open Exchange (OPNX). According to court documents seen by Bloomberg, the manager stated that the $30 million FLEX digital token offer from OPNX "lacks liquidity" and has "speculative value." The majority of creditors, who account for 60% of Hodlnaut Group's total debt, also oppose the deal.

The documents also raised other concerns, including "no injection of cash or similar liquid assets" (such as Bitcoin or Ethereum), no timeline for repaying creditors' debts, and a lack of details on payments other than the 30% liabilities.

Previously, it was reported that OPNX plans to inject $30 million worth of FLEX tokens to acquire a 75% stake in Hodlnaut.

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