Tokens.com Provides Update on Assets Held at Genesis Global Capital
Tokens.com Corp. (OTCQB: SMURF) provided an update on its assets held with Genesis Global Capital. The company has a loan facility with Genesis, requiring collateral worth US$890k against an outstanding loan of US$138k. This collateral represents only 3.7% of Tokens.com’s total assets of US$20 million as of September 30, 2022. Due to Genesis pausing redemptions and rumors of potential bankruptcy, the value of the company's collateral is at risk. However, the company asserted that the unavailability of these tokens does not significantly impact its financial position, as it remains capitalized to meet future plans.
- The company holds US$20 million in total assets.
- Unavailability of collateral is not expected to materially impact financial position.
- Tokens.com has a plan to repay the outstanding loan in full.
- Genesis's paused redemptions could risk the value of the company's collateral.
- Rumors of Genesis exploring bankruptcy may increase risk exposure.
The unavailability of these tokens does not have a material impact on Tokens.com’s financial position or operations. The Company remains well capitalized to meet its future plans.
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This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005038/en/
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Email: contact@tokens.com
Email: contact@tokens.com
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