Settles $200M crypto mining rig lawsuit for $13M; discloses other pending suits and SEC/SDNY investigations

Singularity Future Technology Ltd.

SOSNY lawsuit over $200M crypto mining rig PSA settled; Singularity pays $13M to SOSNY, suit dismissed with prejudice.
Two additional investor lawsuits (Hexin claim at least $6M; St. Hudson claim at least $4.4M) pending in SDNY.
Jinhe Capital lawsuit claims $575K to $1.8M in damages from financial advisory agreement; putative class action also filed.
Company acknowledges SEC and SDNY subpoenas following Hindenburg Research publication; cooperating with investigations.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Singularity Future Technology Ltd. entered into Settlement Agreement with SOS Information Technology New York, Inc. (SOSNY) valued at thirteen million in U.S. dollars ($13,000,000) (effective 2022-12-28).

Action: entry
Agreement: settlement
Counterparty: SOS Information Technology New York, Inc. (SOSNY)
Value: thirteen million in U.S. dollars ($13,000,000)
Effective: 2022-12-28

Exact text from the filing

SOSNY and Defendants entered into a certain settlement agreement and general mutual release with an Effective Date of December 28, 2022 ("Settlement Agreement").

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Singularity Future Technology Ltd. filing history →

Source: SEC EDGAR

accession 0001213900-23-000926

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