Xinhuo Technology Holdings (01611) announcedwebbaccarat, on May 24, 2024webbaccarat, Hbit Limited, a wholly-owned subsidiary of the company, intends to submit a request to Ceratosaurus Investors, Lwebbaccarat.Lwebbaccarat. C. sold all rights, titles and interests in the FTX claim for a consideration of approximately HK$152 million, accounting for approximately 107.80% of the original amount of the FTX claim.
Among certain competitive offers received by sellers from potential buyers in connection with claims for transfer of FTX, the terms of the sale were the most favorable to the company and the recoverable amount of the FTX deposit was the highest after completion. In addition, considering the uncertainties and lengthy nature of the bankruptcy process, the sale provides the seller with an effective one-time solution to effectively realize the FTX deposit, with a gain of approximately HK$96.953 million and eliminating litigation risks related to FTX claims.