Robinhood has decreased its purchase offer for Ziglu by almost 60% from $170 million to $72.5 million, AltFi has learned, citing documents addressed to Ziglu's shareholders.
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Despite the new low price, Ziglu's board has accepted the offer, as the firm's head Mark Hipperson said that the revised offer was the "best and only reasonable path forward for the company."
However, investors in the UK-based crypto firm don't think so. According to reports, those who supported Ziglu in 2020 are now facing losses at around 17% of their investments, as Robinhood is buying the firm way below the two-year-old prices. Those who backed the firm in 2021 now have to deal with 41% of unrealized loses.
Some investors said Ziglu's directors "should be ashamed" for their malleable attitude to the deal. The others said that the fact that Ziglu's board had accepted the new terms of the deal represents their disrespectful attitude towards investors, calling it "disgusting behavior."
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