The Toronto stock exchange halts trading of Voyager digital as the shares declined by 27% in the five trading days before the announcement so let’s read more in our cryptocurrency news.
Voyager digital was suspended from trading on the Toronto Stock Exchange to provide the regulators some time to review the company’s listing requirements. The trading halted on Wednesday morning after the broker’s decision to file for Chapter 11 bankruptcy along with affiliates Voyager Digital Holdings and Voyager Digital LLC in the Southern District of New York a day before.
Voyagers, today we began a voluntary financial restructuring process to protect assets on the platform, maximize value for all stakeholders, especially customers, and emerge as a stronger company. Voyager will continue operating throughout.https://t.co/TxlO4eua8E
— Stephen Ehrlich (@Ehrls15) July 6, 2022
Voyager has a market cap of over $51 million and saw the prices fall by 27% to $.26 in the five days before the announcement.
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The Toronto stock exchange halts trading and the shares dropped by over 99% since peaking near $27 in 2021. the day before VYGVF was delisted, the trading volume surged to more than triple to 5 million compared with 1.5 million. The company’s bankruptcy declaration came less than a week after Three Arrows Capital also declared bankruptcy. The CEO Stephen Ehrlich cited the 3AC collapse as one of the main reasons for Voyager’s need to restructure:
“We strongly believe in the future of the industry but the prolonged volatility in the crypto markets, and the default of Three Arrows Capital, require us to take this decisive action.”
Voyager disclosed that it had $661 million in exposure to 3AC which became insolvent after not being able to meet the margin calls from investors. Voyager had $1.12 billion in assets loaned and held $685 million in crypto according to the figures provided in the market update, adding that it is uncertain what amount Voyager will be able to recover from Three Arrows Capital. In the statement Voyager said it would have to suspend the trading, withdrawals and deposits, and loyalty rewards for the customers:
“This was a tremendously difficult decision, but we believe it is the right one given current market conditions. This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform.”
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