FTX Ventures invested $101 million in Mysten_Labs months before FTX_Official filed for bankruptcy. Now, Mysten is buying back the stake (and SUI token warrants) for $96 million. 0x_tracy reports
Mysten Labs’ high-profile $2 billion Series B fundraise, just months before FTX filed for bankruptcy in November. The firm invested $101 million in the round, receiving about 570,000 shares of preferred equity in Mysten Labs and warrants to purchase up to about 890,000,000 SUI tokens, according to court filings. FTX entities paid about $101 million for the equity and an additional $1 million for the token warrants.
“After thoroughly evaluating alternatives with the assistance of PWP, the Debtors determined that it was in the best interest of their estates and their constituents to proceed with [Mysten Labs, Inc.] and work toward executing a mutually agreeable transaction, with the expectation that the Debtors will continue marketing the Interests and confirming that no higher and better offer exists over the course of the coming weeks,” said the filing.
It appears the FTX estate can continue to “solicit higher or better offers from any third party” up until a sale date is finalized by the court.
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