Coin Cloud extends sale timeline; auction now set for June 2

By Sarah Lizee

Olympia, Wash., May 8 – Cash Cloud, Inc., which does business as Coin Cloud, entered into a stipulation that extends some of the key dates under its court-approved bid procedures, according to documents filed Monday with the U.S. Bankruptcy Court for the District of Nevada.

Under the revised schedule, the bid deadline is 5 p.m. ET on May 30, pushed back from 5 p.m. ET on May 19, and the auction is now scheduled for June 2, pushed back from May 23.

A sale hearing is still set to take place on June 28.

As previously reported, on April 25, the company chose RockitCoin, LLC to act as stalking horse bidder for the assets, which include all non-rejected digital currency machine locations and all the debtor’s assets and contracts needed to operate those locations and service those customers, including assumption by the buyer of associated cure costs and payment of certain critical vendor liabilities. The assets also include the debtor’s Brazil operation.

The purchase price under the stalking horse agreement is comprised of a cash amount of $16.75 million, of which $250,000 will be used to fund a litigation trust, plus the payment of cure costs and the assumption of liabilities.

Bid protections include a breakup fee of 3% of the purchase price at the time of the purchase agreement plus $150,000.

The Las Vegas-based digital currency machine company filed bankruptcy on Feb. 7 under Chapter 11 case number 23-10423.

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