TechFlow news — Robinhood announced it has entered into a repurchase agreement with the U.S. Marshals Service (USMS) to buy back shares from SBF’s Emergent Fidelity Technologies for $605.7 million.
Following the bankruptcy filings of SBF’s FTX and Emergent last year, Robinhood shares were seized and subsequently transferred into the custody of the U.S. government.
The online brokerage said the sale of 55.3 million shares at $10.96 per share has been approved by the U.S. District Court for the Southern District of New York.
Robinhood first disclosed its intention to repurchase the shares in February, stating that its board of directors had authorized the company to pursue buying back a majority or all of the shares.
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