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.Read more on blockchain.news