Ryan Breslow's return as CEO of fintech company Bolt and plans to close a $450 million funding deal valuing the company at a staggering $14 billion appear to have stalled.
According to Forbes, Breslow sent an email to shareholders thanking them for approving the deal. The problem is, many investors, including Montauk Ventures and Ash Pornoli, claim they didn't approve anything. Montauk founder Philip Krim told Forbes he didn't support the fundraise, and Breslow didn't have permission to be on the list of investors who approved the deal.
Meanwhile, BlackRock, along with Hedosophia and Untitled Ventures, have reportedly filed for an injunction to “halt” Bolt's Series F round. Through their lawyers, the three companies argued that Bolt is “threatening investors by forcing them to either pay millions of dollars for new shares or lose most of their existing investments.”
Bolt declined TechCrunch's request for comment.