Voyager Digital provides market update

NEW YORK, July 1, 2022 /PRNewswire/ — Voyager Digital LLC, the operating platform of Voyager Digital Ltd. (“Voyager” or the “Company”) (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), announced it is temporarily suspending trading, deposits, withdrawals and loyalty rewards effective today at 2:00 p.m. Eastern Daylight Time to take effect.

Voyager Digital, Ltd. (CNW Group/Voyager Digital Ltd.)

“This was an extremely difficult decision, but we believe it is the right one given the current market conditions,” said Stephen Ehrlich, Voyager’s chief executive officer. “This decision gives us additional time to continue evaluating strategic alternatives with various interested parties while preserving the value of the Voyager platform we are building together. We will provide additional information in due course.”

Voyager previously announced that its subsidiary, Voyager Digital LLC, has defaulted on Three Arrows Capital (“3AC”) for failing to make required payments on its previously announced 15,250 BTC and 350 million USDC loan. Voyager is actively pursuing all available legal remedies to recover 3AC, including the court-ordered liquidation proceedings in the British Virgin Islands.

To assist in exploring strategic alternatives, the Company has retained Moelis & Company and The Consello Group as financial advisors and Kirkland & Ellis LLP as legal advisors.

Voyager also provided the following financial and accounting updates in accordance with the requirements of Canadian securities legislation. All figures are preliminary, unaudited and unaudited and are subject to final adjustments upon completion of the quarterly and annual closing procedures.

No tea: The balance includes 350 million USDC and 15,250 BTC loaned to Three Arrows Capital.

The story goes on

As of June 30, 2022, the crypto assets on loan consisted of the following (in thousands, excluding the number of coins):

Note B: Includes 15,250 BTC loaned to Three Arrows Capital.

Note C: Includes 350 million USDC loaned to Three Arrows Capital.

As of June 30, 2022, the crypto assets on loan, broken down by major borrowing counterparties, were as follows (in thousands) (see previous filings for comparative information):

As of June 30, 2022, the balances of crypto assets on loan are concentrated by counterparties as follows (see previous filings for comparative information):

Note D: Represents the amount loaned to Three Arrows Capital.

About Voyager Digital Ltd.

The US subsidiary of Voyager Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2), Voyager Digital, LLC, is a cryptocurrency platform in the United States, founded in 2018 to provide choice, transparency and cost-effectiveness to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets with its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions to consumers and merchants around the world. To learn more about the company, please visit https://www.investvoyager.com.

Forward-Looking Statements

Certain information in this press release, including but not limited to statements regarding the exploration of strategic alternatives, discussions with third parties regarding strategic alternatives and the results of those discussions, the temporary nature of the suspension of the platform, future growth and performance of the company, exploration of strategic Alternatives, future adoption of digital assets, anticipated trends and challenges in our business and industry, regulation of digital asset offerings, availability of the Loan Agreement, the impact of the 3AC Default on the Company, including its ability to honor the Loan Agreement use, the Company’s liquidity and its ability to fulfill customer orders and withdrawals, and the Company’s expected results may constitute forward-looking information (collectively, forward-looking statements) that may be obtained through the use of B terms such as “can”, “will”, “should”, “expected”, “anticipated”, “forecast”, “estimates”. te,” “intend,” “continue,” or “believe” (or the negatives), or other similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Voyager’s actual results, performance or achievements to differ materially from its future results, performance or achievements expressed or implied by the forward-looking statements. In addition, we operate in a very competitive and rapidly changing environment. New risks arise from time to time. It is not possible for our management to predict all risks, nor can we predict the impact of all factors on our business or the extent to which one factor or combination of factors could cause actual results to differ materially from those contained in any forward , estimate -looking statements we can make. Given these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results may differ materially and adversely from those anticipated or implied by the forward-looking statements. It is uncertain how much Voyager will be able to recover from 3AC for non-payment and whether 3AC’s default will constitute a default under its credit agreement or what remedies Voyager will have in connection with such non-payment, or the impact on future business, cash flows, Voyager’s liquidity and prospects as a result of 3AC’s non-payment. Forward-looking statements are subject to the risk that the world economy, industry, or the Company’s operations and investments will not perform as anticipated, that estimates of revenues or expenditures may not be met or may be materially lower or higher than those anticipated by the parties and the Company’s assets lends, are able to repay these loans in full and in a timely manner, trading momentum does not continue or demand for trading solutions decreases, customer acquisition does not increase as planned, product and international expansion does not proceed as planned, risks of legal and regulatory compliance that currently apply or will apply to the Company and other risks contained in the Company’s public filings, including its Management Discussion and Analysis and Annual Information Form (AIF). Factors that could cause the actual results of the Company and its operations to differ materially from those described in such forward-looking statements include, among others, the results of exploring strategic alternatives, the inability to resume trading, deposits and withdrawals and rewards on the platform in a timely manner, an inability to draw down the credit facility or access other sources of funding, an increase in customer demands for withdrawals from the platform, bankruptcy or similar proceedings relating to 3AC, our ability to find a strategic alternative, a decline in the digital asset market or general economic conditions; changes in laws or regulatory approaches, failure or delay in adoption of digital assets and the blockchain ecosystem by institutions; Changes in cryptocurrency volatility, changes in demand for Bitcoin and Ethereum, changes in the status or classification of cryptocurrency assets, cybersecurity breaches, delays or failures in developing infrastructure for trading companies or in fulfilling mandates and gaining traction; failure to increase assets under management, adverse development in relation to an issuer or party to the transaction, or failure to obtain required regulatory approvals. Readers are cautioned that assets on the Platform and trading volume will fluctuate and may rise or fall from time to time and such fluctuations are beyond the Company’s control. Forward-looking statements, past and present performance and trends are not guarantees of future performance, accordingly, you should not place undue reliance on any forward-looking statements, current or past performance, or current or past trends. Information identifying assumptions, risks and uncertainties relating to the Company is contained in its filings with Canadian securities regulators, which are available at www.sedar.com. The forward-looking statements in this press release speak only as of the date of this press release or as of the date indicated in the relevant forward-looking statement, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after that date or to reflect their occurrence to reflect unforeseen events, except where required by law. The company assumes no obligation to provide operational updates, except as required by law. If the Company updates one or more forward-looking statements, there should be no implication that it will make additional updates with respect to those or other forward-looking statements, except as required by law. Readers are cautioned that past performance is not a guide to future performance. There is no assurance that the funds available under the Loan Agreement will be available or, even if available, together with other Voyager assets, will be sufficient to protect assets.

The TSX has neither approved nor disapproved the information contained herein.

Press Contacts

Voyager Digital, Ltd.

Voyager Public Relations team
[email protected]

decision

View original content to download multimedia: https://www.prnewswire.com/news-releases/voyager-digital-provides-market-update-301579827.html

SOURCE Voyager Digital Ltd.