Bolt Financial Inc. founder Ryan Breslow agreed to give up shares valued at $37.4 million to resolve claims that he sought to siphon $30 million from the once high-flying payments startup.
The agreement—involving the cancellation of 13.4 million shares held by Breslow—also requires Bolt to repurchase 18.2 million shares from affiliates of private equity firm Activant Capital Group LLC for $36.5 million, according to the a court filing disclosing the settlement Tuesday.
The lawsuit, filed in Delaware’s Chancery Court, said Breslow pledged company assets to secure a $30 million personal loan from JPMorgan Private Bank, stacked the board with loyalists ...
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