CoinFLEX Announced Restructuring Proposal And Further Actions
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The business's 65% ownership will be held by creditors, as described in a term sheet the company released. 15% of the company's outstanding shares will be allotted to the team, and they will accrue over time through an employee share option program (ESOP). Investors in the Series B round will continue to hold shares of the restructured business.
CoinFLEX Deal With BCH Alliance
According to CoinFlex, the plan also included a deal with the BCH alliance under which the collaboration would take over the management of the SmartBCH Bridge. If the acquisition is authorized, BCH on the SmartBCH platform will be 1:1 convertible into BCH via the SmartBCH Alliance.
USDC Instead of FLEX Coin
CoinFLEX said that recovery tokens would be available in the form of rvUSD, equity, and FLEX Coin. However, the exchange added that, at this time, the plan offers USDC in place of FLEX Coin. The Series B investors and the Ad Hoc Group fully agreed with its plan to utilize its FLEX Coin holdings to develop the business or maintain them on the balance sheet, positively impacting all shareholders.
The exchange's website published a statement that outlined the proposal's conditions. Major parties, according to CoinFLEX, reached an agreement throughout the process of their negotiations. Community voting will take place on Snapshot, where the idea will be presented.
CoinFLEX stated that the team would publish a separate blog outlining the voting process and the actions you must follow to be prepared to vote. And today, the blog is posted on the official website of CoinFLEX. The dollar value of the locked balances must be determined using the price in effect at 3:30 p.m. today.