Crypto News Bulletin

Monday March 8, 2021 9:49 PM
6 hours 43 minutes ago

MoneyGram stock falls after report that Ripple is selling a third of its MGI shares

MoneyGram International (MGI) drops 7.1% in after-hours trading after the company parts ways with Ripple Labs, which is selling about one-third of its stake in MGI as a result, CoinDesk reports.Ripple owns 6.22M shares of MGI, or 8.6% of its outstanding shares, plus a warrant to purchase of to 5.95M more MGI shares.Ripple is selling up to 4M of its MGI shares.The two companies are "committed to revisiting the relationship in the future," Ripple said in a statement.In December, MoneyGram said it would monitor for any potential impact from the SEC's lawsuit against Ripple, alleging that Ripple raised more than $1.3B through an unregistered digital asset securities offering. Ripple says that as a digital currency XRP (XRP-USD) doesn't have to be registered as an investment contract.