After at least a year of efforts to get the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Universe Digital has made the decision to decrease the purchase.
Universe has ended the BitGo acquisition, citing a breach of contract, the firm formally announced on Monday.
Based on the statement, Universe worked out its to terminate the offer using the acquisition agreement after BitGo unsuccessful to provide audited fiscal reports for 2021 by This summer 31, 2022. Universe noted that no termination fee is payable regarding the the termination.
As formerly reported, Universe initially announced intends to acquire BitGo in May 2021 included in its intends to go public within the U . s . States. Following multiple delays within the acquisition, Universe was looking to finalize the transaction through the finish of 2022.
Despite winding lower the BitGo acquisition, Universe still continues its road to the U.S. listing on Nasdaq, Chief executive officer Novogratz stated, stating:
“Universe remains positioned for achievement and to benefit from proper possibilities to develop inside a sustainable manner. We’re dedicated to ongoing our tactic to list within the U . s . States.”
Included in the U.S. listing plans, Universe is trying to reorganize its operations to become Delaware-based company. The firm formerly expected Delaware domestication to get effective between Q2 and Q4 of 2022, susceptible to an evaluation process using the U.S. Registration.
Related: Argo Blockchain keeps cashing out BTC to pay for your debt to Universe Digital
Universe also remains centered on launching new items including its approaching offering, Universe One Prime. Targeting institutional investors, Universe One Prime provides services like buying and selling, lending and derivatives alongside use of qualified child custody that integrates “qualified blue-nick custodians.”
BitGo and Universe Digital didn’t immediately react to Cointelegraph’s request comment.
