Financial services company Galaxy Digital Holdings announced that it will no longer pursue its acquisition of the cryptocurrency custody provider BitGo.
According to the official release, the decision is because BitGo has failed to deliver audited financial statements from 2021 that are in compliance with the requirements of the agreement.
Per the release, no termination fee is payable in association with the decision to terminate the acquisition agreement.
Speaking on the matter was Mike Novogratz, CEO and Founder of Galaxy, who said:
“Galaxy remains positioned for success and to take advantage of strategic opportunities to grow in a sustainable manner. We are committed to continuing our process to list in the US and providing our clients with a prime solution that truly makes Galaxy a one-stop shop for institutions.”
The company is also committed to completing its proposed reorganization and domestication in an attempt to become a Delaware-based company.
This would also allow it to get listed on Nasdaq, pending review by the US Securities and Exchange Commission.
As CryptoPotato reported earlier in April, BitGo’s acquisition was delayed and was supposed to happen by October this year. Interestingly enough, back then, Novogratz said that the acquisition was to happen following the domestication of Galaxy.
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