Nexo Once Again Extends Appraisal Time To Acquire Vauld

Nexo has once again extended its exclusive due diligence period on a potential Vauld deal. The decision was made after meeting with. Cryptocurrency lending platform is “cautiously optimistic” about a potential acquisition following a meeting with Vauld executives in Singapore.

According to The Block, citing people familiar with the matter, Nexo has once again extended the due diligence period on the Vauld acquisition and the extension will depend on how long Nexo takes, with no limits upper term.

Last week, Nexo co-founder Kalin Metodiev said in an ask-me-anything session that the due diligence period has been extended, without providing a specific timeline. Metodiev said “any distressed transaction is not easy” and that Nexo is hopeful for a win-win situation.

Nexo initially signed a 60-day exclusive due diligence agreement with Vauld on July 5, a day after Vauld halted client withdrawals. That agreement was extended by 30 days last month and it expired last week.

Now the new extension would be “as long as needed,” the person said, adding that the company is “cautiously optimistic” about the potential deal after meeting Vauld’s executives in Singapore.

Vauld had previously applied to a Singapore court for protection for a period of three months, and if Vauld cannot confirm a follow-up settlement by November 7, it could be forced into liquidation.

On July 21, crypto lending platform Vauld owed a total of $402 million and filed for creditor protection with a Singapore court. Vauld said it is continuing to negotiate with Nexo, which signed a terms sheet with Vauld in early July for a possible acquisition.

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