2 months ago
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Bolt says it has settled its long-standing lawsuit with its investor Activant Capital. One-click payments startup Bolt is settling the suit by buying out the investor’s stake “after which Activant will no longer hold any interest in Bolt,” the company said in a statement.
Activant’s suit accused founder and then CEO Ryan Breslow of adding $30 million to Bolt’s balance sheet in the form of a personal loan and removing board members when they urged Breslow to repay it. While this suit, and one filed by major Bolt customer Fanatics, were both settled this week, Bolt is still in the midst of ongoing drama. It’s trying to force its existing shareholders to buy more shares at an increased valuation based on a dubious term sheet involving an SPV-based investor and $250 million of “marketing credits.” Investors are not amused, and some are seeking to block the deal.
