Messahe today from HL9 Jun 2023 13:28
We’d like to provide you with an update following the takeover of NM Inc (Napster Music Inc) by Algorand Holdco I Inc.
As part of the takeover holders have received:
USD6.065854 per NM Inc share (paid to you in May 2022), and
A payment of Napster crypto tokens.
The Napster tokens were issued at the end of March 2023 and are being held by Napster Innovation Foundation, an organisation formed to distribute them. The tokens have an initial lock up period of 12 months from 31 March 2023, which means these tokens can’t be transferred, traded or valued right now. Additionally, Hargreaves Lansdown can’t hold crypto tokens on our platform.
Napster Innovation Foundation is currently investigating options for token holders, including platforms like HL that cannot hold the tokens.
The original terms of the takeover also mentioned a potential additional cash payment. Napster Innovation Foundation have said the amount and timeframe for the payment can’t be confirmed yet.
When we hear more, we’ll update you but we can’t give a timeframe for when this will be.
Yours sincerely