Mysten Labs to Buy Back its Shares and Warrants from FTX
Mysten Labs, a startup associated with the Sui blockchain, is set to receive $96.3 million worth of warrants for utility tokens and preferred shares from FTX, which is undergoing bankruptcy proceedings.
In August 2022, Mysten Labs had raised $200M in a Series B funding round, with FTX contributing 570,000 preferred shares and about 890,000,000 token warrants, investing a total of $102M.
On March 16, the startup submitted an application to buy back its shares and warrants for tokens, with the bankruptcy court in Delaware authorizing the sale of certain De Minimis assets to FTX.
In February this year, the court allowed FTX to move forward with the sale of its business units to generate liquidity for its creditors, with LedgerX, Embed, FTX Japan, FTX Europe, and other companies in the group drawing interest from 117 organizations.
