Ripple moves to dump all its MoneyGram shares
In what may seem like a revenge move, Ripple has hinted at selling its 8.2 million MoneyGram shares.
According to a new filing with the U.S. Securities and Exchange Commission, Ripple wants to sell the entire stash of its MoneyGram shares.
Last month, MoneyGram revealed in its quarterly outlook that it was suspending trading on Ripple’s platform due to the latter’s ongoing battle with the SEC. The blockchain company on its part has decided to call it quits, following an official termination of the partnership between the two.
Ripple will be employing the services of American investment bank Jefferies Group for the transaction, which has been authorized to begin on March 11. The sales period is expected to last until September 30. Furthermore, the total amount of sold shares can be adjusted based on a stock split or a reverse stock split.
In 2019, Ripple invested $50 million in the global money transfer service, in exchange for a roughly 10 percent stake. However, in early December, Ripple sold a portion of its MoneyGram shares for the first time.
It is still unclear whether Ripple is trying to cut ties with the investment bank for suspending trading activities on its platform or whether the share disposal was part of the initial agreement.