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- 📝 Bolt's VCs sue them
📝 Bolt's VCs sue them
Liam Gill
May 17, 2024
News of the Day
Bolt founder Ryan Breslow has proposed a settlement with investor Activant Capital to resolve a lawsuit brought by Activant. The investor accused Breslow of adding $30 million to Bolt’s balance sheet in the form of personal debt and removing board members when they urged Breslow to repay it. Activant sued Breslow in July 2023, alleging that Breslow removed board members when they declined to help him repay the $30 million loan, which was secured by Bolt. Breslow defaulted on the loan, and instead of canceling shares he owned to repay the sum, he allowed those millions of dollars to be removed from Bolt’s accounts, according to the lawsuit. The settlement plan involves Bolt canceling 13,397,270 common shares previously owned by Breslow, worth $37,378,383, to resolve the principal loan, expenses, and interest. Bolt will also buy back 18,247,337 of the Activant shares worth $36,494,674. The settlement, if accepted, would put an end to the lawsuit between Breslow and Activant.
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