Fetch.ai claims ‘business as usual’ amidst opposing reports of insolvency
Crypto AI company Procure.ai said on Jan. 30 that it continues to feature as accepted in spite of earlier restructuring complaints. It said:
“As share of [our move to Dubai], Procure.ai has been thru a restructuring process which has incorporated the administration of … ‘Procure.ai UK Ltd.’ This modified into once a allege of the restructuring and has no longer affected any share of our operations, including our network and token, which stay unchanged. It’s alternate as accepted for the Procure.ai crew.”
That reliable assertion comes alongside competing reviews suggesting that Procure.ai is in actual fact financially troubled. The Customary, the U.Okay.’s third-greatest newspaper, quoted Procure.ai’s advisors in a file this present day. These advisors said that the company experienced financial components in leisurely 2023 and appointed directors to manufacture rescue capital and catch a sale of its shares, alternate or sources.
Simon Hunt, the creator of The Customary’s article, eminent the variation between statements from the firm and its directors. In an X submit, he wrote:
“… Why did your directors sigh us obligatory to ‘accumulate pressing rescue capital’ because you ‘without note met financial difficulties’?
Procure.ai has no longer spoke back to Hunt’s comment.
Procure.ai has been purchased to consortium
An insolvency perceive from the U.Okay.’s reliable public list indicates that Procure.ai appointed directors from ReSolve Advisory Restricted on Jan. 23.
ReSolve told The Customary that it has “achieved a sale of the alternate and sources of Procure.AI.” The file indicates that Procure.ai has been purchased by Assmbl.ai, a consortium consisting of founders from one among the companies, though it is a long way unclear whether those founders are contributors of Procure.ai or ReSolve.
The Customary moreover commented on Procure.ai’s native token, FET. It said that Procure.ai saw losses of £16.7 million ($21 million) and wrote down its sources by £231 million ($293 million) as FET lost worth in 2021 and 2022. The Customary added that the token is no longer owned by Procure.ai and is unaffected by restructuring.
Most traditional market info indicates that FET has a market cap of $516.4 million and is up 1.5% over 24 hours. It is among the many 110 greatest crypto tokens by capitalization.
Source credit : cryptoslate.com
