Retail buying and selling big Robinhood has purchased again greater than $605 million value of shares of its personal firm that the US authorities seized from disgraced FTX founder Sam Bankman-Fried.
On Wednesday, Robinhood entered right into a share buy settlement with the USA Marshal Service (USMS) to scoop up 55,273,469 shares of the corporate’s Class A typical inventory, priced at $10.96 per share.
The deal closed on Thursday.
The share value was decided “primarily based on the arithmetic common of the per share volume-weighted common value of the corporate’s Class A typical inventory over every of the 5 consecutive buying and selling days previous August 13,” in response to a latest submitting with the U.S. Securities and Trade Fee (SEC).
The shares had been initially acquired by Emergent Constancy Applied sciences, Bankman-Fried’s holding firm, however the U.S. Division of Justice (DOJ) seized the inventory in January.
The DOJ mentioned on the time that the seized belongings had been concerned in cash laundering and wire fraud prison violations and weren’t properties of FTX’s chapter property. The crypto trade filed for chapter in November.
Bankman-Fried is at the moment awaiting trial and has been charged with defrauding buyers and mishandling billions of {dollars} value of buyer funds associated to FTX’s collapse final yr. If convicted, he faces a long time behind bars.
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