FTX Debtors Announce Agreement with an Affiliate of Miami International Holdings for the Sale of LedgerX

Will Seek U.S. Bankruptcy Court Approval of Transaction at Hearing Scheduled for May 4, 2023

WILMINGTON, Del., April 25, 2023 /PRNewswire/ -- FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors (together, the "FTX Debtors") today announced that, following a comprehensive sale process as part of their Chapter 11 proceedings, they have entered into an interest purchase agreement with M7 Holdings, LLC, an affiliate of Miami International Holdings, Inc. ("MIH"), for the sale of LedgerX LLC, the futures and options exchange and clearinghouse unit of FTX. 

The total proceeds to the FTX Debtors resulting from the transactions is expected to be approximately $50 million.

John J. Ray III, Chief Executive Officer and Chief Restructuring Officer of the FTX Debtors, said: "We are pleased to reach this agreement with MIH, which is an example of our continuing efforts to monetize assets to deliver recoveries to stakeholders."

The transaction is subject to customary closing conditions, including approval of the U.S. Bankruptcy Court. A sale hearing to approve the transaction is currently scheduled for May 4, 2023.

U.S. Bankruptcy Court filings and other documents related to the court proceedings, including copies of the agreement, once available, are available at https://cases.ra.kroll.com/FTX/.

Advisors

The FTX Debtors are represented by Sullivan & Cromwell LLP as legal counsel and are assisted by Alvarez & Marsal North America, LLC as financial advisor, Perella Weinberg Partners LP as investment banker, Quinn Emanuel Urquhart & Sullivan, LLP as special counsel and Landis Rath & Cobb LLP as Delaware counsel.

SOURCE FTX