Robinhood cited poor market conditions in demanding the 60% discount, which Ziglu has reportedly accepted as its the 'the best and only reasonable path forward for the company”
Robinhood's acquisition of Ziglu is part of the company's plans to make a headway in the UK market, but the Robinhood team led by CEO Vlad Tenev may have to go back to the drawing board if Ziglu refuses the new offer.However, the new terms seem to have left Ziglu between a rock and a hard place.
A representative from Ziglu did not immediately respond to a request for comment. Hipperson told fintech news outlet Altfi that “we believe the revised proposal...is the best and only reasonable path forward for the company” despite expressing concerns of the revised figure. Ziglu’s last round of funding was closed last November and bumped share prices in the company up to $58.12. The new deal drops the share price to $34.04.
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