On Monday, Symbiont told the bankruptcy court that a deal was pending to provide interim funding of $6 million for the blockchain startup while it pursues additional equity funding. The company entered into Chapter 11 bankruptcy at the start of December 2022 after it was unable to repay $2.3 million relating to a secured loan from LM Funding.
In the past, Symbiont raised $56 million in funding from the likes of Citi, Nasdaq Ventures and Broadridge, with high profile clients including Vanguard, Nasdaq, SWIFT and State Street.
There’s a non-binding letter of intent from Morse Labs, which aims to merge with Symbiont and inject $6 million as bridging funding to acquire or settle the LM Funding debt and pay other creditors, which totals another $2.3 million. It also aims to reinstate and pay the 30 employees currently on furlough.
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