Currenc Group Inc. 10-Q

Item 1. Legal Proceedings. From time to time, the Company may become involved in legal proceedings relating to claims arising from the ordinary course of business. Management believes that other than as disclosed herein, there are currently no claims or actions pending against the Company, the ultimate disposition of which could have a material adverse effect on the Company’s results of operations, financial condition or cash flows. On August 17, 2024, Ripple Markets APAC Pte. Ltd., the successor to Ripple Labs Singapore Pte. Ltd. (“RMA”), sent a default letter to GEA demanding payment totaling $27,257,540.64, and sent a demand letter to Seamless, as guarantor, for the full amount of the payment by August 19, 2024. On August 19, 2024, RMA filed a claim in Singapore naming Seamless and demanding that GEA and Seamless (the “Defendants”), jointly and severally, pay the demanded payment plus late payments and certain costs. Seamless has subsequently divested GEA and is in the process of defending this legal claim in court. Seamless is attempting to negotiate with RMA on the settlement terms to resolve the legal dispute. RMA applied for summary judgement against the Defendants and such application was heard on March 4 and 6, 2025, with judgement reserved. On April 17, 2025, the court granted summary judgement in favor of RMA and the Defendants filed their notices of appeal on April 29, 2025, which will not be heard until July 16, 2025. On February 25, 2025, the Company received a notice of legal action from D Boral, a promissory note holder. The complaint demands repayment from the Company of the promissory note amount of $5,700,000, plus contractual default interest of $97,000. The demand amount has been fully accrued on the Company’s financial statements as of December 31, 2024. We have engaged in discussions with D Boral to explore a potential settlement. These discussions are in the preliminary stages, and we cannot predict the likelihood or terms of any potential settlement.