Troubled crypto lender Vauld and its committee of creditors (COC) rejected rival Nexo's "final" acquisition proposal due to concerns about Nexo's financial health and others issues.
"We have taken the terms of the Final Nexo Proposal into consideration and further consulted with the COC, and we unanimously do not accept your proposal as it stands," Vauld co-founder and CEO Darshan Bathija wrote to Nexo in a letter.
Previously, Nexo presented the proposal to Vauld's creditors on Dec. 26th in an open letter. Vauld, however, rejected Nexo's offer as it did not contain significant changes from its previous proposal, and therefore, it continues to seek answers from Nexo on its two key concerns. Those concerns are how Nexo will treat claims of U.S.-based Vauld creditors since it recently announced plans to exit the market and whether Nexo is in good financial health. Vauld expects Nexo to respond to its concerns on Jan. 6th.