Ryan Breslow’s plan to get himself reinstalled as CEO of fintech company Bolt — and push through a $450 million fundraising deal that would value the startup at a staggering $14 billion — has apparently stalled.
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According to Forbes, Breslow sent an email to shareholders thanking them for signing off on the deal. The problem is that many of those investors, including Montauk Ventures and Ash Pournouri, claim they didn’t sign off on anything. Montauk’s founder, Philip Krim, told Forbes he does not support the financing, and Breslow didn’t have his permission to be included in a list of investors that had approved the deal.
Meanwhile, BlackRock, along with Hedosophia and Untitled Ventures, reportedly applied for a restraining order in an attempt to “halt” Bolt’s Series F round. The trio claimed through an attorney that Bolt was “coercing its investors by forcing them to choose between paying millions of dollars for new stock or losing most of their existing investment.”
Bolt declined TechCrunch’s request for comment.
Source @TechCrunch
