"Bolt is settling the suit by buying out the investor's stake after which Activant will no longer hold any interest in Bolt," the company stated.
"Activant's suit accused founder and then CEO Ryan Breslow of adding $30 million to Bolt's balance sheet in the form of a personal loan and removing board members when they urged Breslow to repay it."
"Bolt is still in the midst of ongoing drama. It's trying to force its existing shareholders to buy more shares at an increased valuation based on a dubious term sheet involving an SPV-based investor and $250 million of marketing credits."
"Investors are not amused, and some are seeking to block the deal."
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