Bitcoin mining firm Ionic Digital, owned by former Celsius Network customers, is facing potential liquidation after some creditors raised doubts about its management and financial condition.
Management and Financial Issues
Delays in going public and recent leadership changes have sparked dissatisfaction among shareholders. The company's auditor, RSM US, resigned in May, and CEO Matt Prusak left earlier this month.
Creditor Actions
At a New York bankruptcy hearing, attorney Joseph Sarachek said some shareholders are interested in forcing a liquidation of Ionic's assets. Another creditor discussed efforts to oust the company's board of directors.
Financial Standing of the Company
Despite the criticism, Ionic remains cash flow positive with $200 million in assets. Company representative Gregory Pesce said Ionic is not seeking mergers or acquisitions but is open to shareholder proposals.
The company was formed to settle customer claims after Celsius Network declared bankruptcy in 2022. Despite the challenging market environment, Ionic Digital's financial standing remains stable.
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