FTX gets approval to sell $100 million convertible to Dave

By Sarah Lizee

Olympia, Wash., Jan. 29 – FTX Trading Ltd. received approval from the U.S. Bankruptcy Court for the District of Delaware to sell a convertible promissory note previously issued to FTX Ventures Ltd. to Dave Inc., according to an order filed Friday.

Dave and FTX reached an agreement for Dave to purchase the note, originally issued in the principal amount of $100 million, at a discount of $71 million, as previously reported.

FTX has headquarters in the Bahamas and filed Chapter 11 bankruptcy on Nov. 11, 2022 under case number 22-11068. Dave uses disruptive technologies to provide banking services and is based in Los Angeles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.