<\/p>\n
Robinhood has officially entered into a share repurchase agreement to buy back $605 million worth of shares from Sam Bankman-Fried\u2019s Emergent Fidelity Technologies.\u00a0<\/p>\n
The company filed an 8-K with the US Securities and Exchange Commission to announce the agreement, though it had previously disclosed its intent to buy back the shares earlier this year.\u00a0<\/p>\n
The share sale was approved by a New York court, with Robinhood<\/a> buying back over 55 million shares from the United States Marshal Service, which acted on behalf of the government.\u00a0<\/p>\n Each share was priced at $10.96.<\/p>\n \u201cWe are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders,\u201d Robinhood chief financial officer Jason Warnick said<\/a>.<\/p>\n Bankman-Fried\u2019s Emergent Fidelity Technologies bought shares in May 2022. It filed for bankruptcy back in February.\u00a0<\/p>\n Robinhood announced<\/a> in its fourth-quarter earnings call back in February that its board of directors had authorized the company to \u201cpursue purchasing most or all of the 55 million remaining Robinhood shares\u201d bought by Emergent.<\/p>\n Robinhood also noted that it wasn\u2019t sure when the share repurchase would take place, citing a \u201climited precedent\u201d for the situation.\u00a0<\/p>\n Prior to the share purchase agreement, multiple parties showed interest in the shares. Bankman-Fried even initially pushed to retain control of the shares, but officials seized the assets in January.<\/p>\n In December of last year, BlockFi sued Emergent for seeking control<\/a> of the Robinhood shares, which it claimed were collateral after Alameda defaulted on loans.<\/p>\n \u201cBlockFi is entitled to have all such collateral immediately surrendered to it and\/or liquidated in whatever manner necessary to preserve as much value as possible with the proceeds from any and all such sales transferred to BlockFi,\u201d BlockFi\u2019s lawyers wrote at the time.<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Robinhood has officially entered into a share repurchase agreement to buy back $605 million worth of shares from Sam Bankman-Fried\u2019s Emergent Fidelity Technologies.\u00a0 The company filed an 8-K with the US Securities and Exchange Commission to announce the agreement, though it had previously disclosed its intent to buy back the shares earlier this year.\u00a0 The […]<\/p>\n","protected":false},"author":2,"featured_media":148599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-148598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=148598"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148598\/revisions"}],"predecessor-version":[{"id":148601,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/148598\/revisions\/148601"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/148599"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=148598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=148598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=148598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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