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Vauld CEO Darshan Bathija stated in a weblog publish on Monday that the corporate is dealing with “monetary challenges” because of “risky market situations, the monetary difficulties of our key enterprise companions inevitably affecting us, and the present market local weather” which has led to clients withdrawing greater than $197.7 million from the platform since June 12.
The Singapore-based firm stated it’s working with its monetary and authorized advisors to “discover and analyse all doable choices, together with potential restructuring choices, that will greatest shield the pursuits of Vauld’s stakeholders.”
Vauld stated it’s “in discussions with potential buyers” within the firm.
The firm stated it has employed Kroll Pte Limited as its monetary advisor, as nicely as Cyril Amarchand Mangaldas and Rajah & Tann Singapore LLP as its authorized advisors in India and Singapore respectively.