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. It would see the alliance assume responsibility for the SmartBCH Bridge. CoinFLEX said the takeover would mean that "BCH on the SmartBCH network will be 1:1 redeemable for BCH via...
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