Seychelles BLOCK Seychelles

CoinFLEX Announces Restructuring Proposal, Allocating 65% Shares to Creditors

Reading now: 510

CoinFLEX on Wednesday announced a restructuring proposal and the next immediate steps the crypto exchange will take. The company released a term sheet in which it said that creditors will own 65% of the CoinFLEX.

While, the company's team will be allocated 15% of the remaining shares, to vest over time in an employee share option program (ESOP).

CoinFLEX added that Series B investors will also stay as shareholders in the restructured company. In a letter to CoinFLEX community, it reads: «As with any reorganization, unfortunately, most shareholders get wiped out.

This situation is no different; with all existing Ordinary and Series A shareholders of the Company losing their equity stakes, including us.» The Seychelles-based crypto exchange said that the proposal also includes a deal with the BCH alliance.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.