Eqonex Group Files For Judicial Administration Protection In Singapore Court

According to a letter to shareholders from the company, Eqonex Group has filed for judicial management with the Singapore High Court after failing to close a short-term financing deficit.

The company said in a separate US regulatory statement that the court petition was made by regulations for bankruptcy, reorganization, and dissolution.

Eqonex’s Hong Kong units, Diginex Ltd. and Eqonex Capital Pte. Ltd., are in the process of being placed into voluntary liquidation. In addition to negotiating with Bifinity to extend a loan arrangement, Eqonex has been in talks with possible investors to secure equity funding through the issue of additional shares.

The insolvency proceedings did not involve Digivault Ltd. or Bletchley Park Asset Management of the group. Eqonex Group stated in the regulatory statement that Digivault would start a controlled voluntary wind-down with the goal of locating an alternative solution.

The difficulties facing Eqonex Group are part of a larger crypto industry reckoning. One of the names that have recently experienced a crisis is FTX, Genesis.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News