Nasdaq-listed financial services platform Robinhood Markets Inc has lowered its bid for United Kingdom-based crypto fintech firm, Ziglu in light of the current realities in the digital currency ecosystem.
Robinhood has changed its bid and is offering $72.5 million representing a 28.29 share price, an amount less than half its initial proposal. While this new bid will result in losses for some of Ziglu’s investors, Chief Executive Officer Mark Hipperson affirmed that the company’s board has already approved the new bid.
He explained that should Robinhood terminate the existing sales and purchase agreement (SPA), the company would be left in an “extremely challenging market, and undercapitalized for the period ahead.”
“The board has spent significant time in discussion with Robinhood’s CEO and executive team negotiating and improving the terms of their revised offer. Based on these discussions and other considerations, we believe the revised proposal...is the best and only reasonable...
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