Robinhood Markets Inc HOOD shares are trading lower by 9.75% to $8.79 during Wednesday's session. Shares of several crypto-related companies are trading lower following a CoinDesk report suggesting Binance is leaning toward scrapping the FTX acquisition.
What Happened?
Our Benzinga team on Wednesday reported that, after less than a day of assessing the company, cryptocurrency exchange Binance is reportedly “very unlikely” to proceed with its proposed acquisition of struggling rival FTX.
Due diligence was a condition of Binance's non-binding letter of intent for the acquisition, which was made public on Tuesday as FTX's financial situation appeared to be spiraling out of hand.
See Also: What's Going On With Amazon Shares
After evaluating FTX's internal data and loan agreements for around half a day, Binance has decided strongly not to complete the deal, Coindesk reported Wednesday, citing an anonymous source.
According to data from Benzinga Pro, HOOD is lower by 25.82% over the trailing 5 sessions.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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