Crypto asset trading platform CoinSmart has come to terms with the fact that its acquisition by Coinsquare is not going to happen, but it’s not happy.
Five months ago Coinsquare announced they were acquiring fellow crypto asset trading platform CoinSmart for $29 million in cash and shares.
Last month CoinSmart announced that they received notice from Coinsquare claiming to terminate the acquisition offer.
With the proposed acquisition and integration, Coinsquare would have become one of Canada’s largest crypto asset trading platforms with a diversified and compliant offering across various business lines including both retail and institutional trading, crypto payment processing, and digital asset custody.
According to CoinSmart’s announcement this week they have accepted Coinsquare’s repudiation of the share purchase agreement but argue that Coinsquare had no legal basis to terminate the agreement.
CoinSmart intends to commence legal proceedings against Coinsquare to seek monetary damages arising from Coinsquare’s breaches of the Share Purchase Agreement.
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