BitMart has appointed Alvarez & Marsal, or A&M, as its financial adviser, according to an official announcement cited by BlockBeats on Sept. 9.
A&M will assist BitMart and its legal counsel in assessing the company’s financial condition, stakeholder-related matters and an orderly withdrawal arrangement. The adviser will also analyze available options and support the formulation of a near-term action plan.
User feedback channels and action plans expected within three weeks
BitMart said that, following A&M’s formal appointment, it plans to release user feedback channels, an opinion-collection mechanism and specific action plans over the next three weeks.
The company said it will work with A&M to review its current business and asset situation, study follow-up options including a potential orderly restart of operations, and evaluate other proposals put forward by third parties while considering user feedback.
BitMart added that the issues users are most concerned about, including withdrawal arrangements, asset status and subsequent procedures, will be disclosed only after the independent financial adviser completes data verification, in order to ensure the accuracy and authenticity of the information.
Dedicated feedback website to be announced within five working days
To collect user opinions through a single channel, BitMart said it will set up a dedicated feedback website. The relevant link will be released in an announcement within five working days.
The company said it will carefully evaluate user feedback and include it in the drafting of follow-up plans and in ongoing assessments. It also said matters widely raised by users will be addressed in later announcements and communications when appropriate.
Independent third-party oversight also planned
BitMart said it will appoint an independent third party in the near term to supervise the company’s current operations and asset custody in order to protect user interests.
The company said it understands the unease, disappointment and anxiety users have felt after withdrawal restrictions over the past period, and that it respects users’ right to express their concerns through reasonable and lawful channels.
At the same time, BitMart called on all parties to communicate rationally, express opinions and demands through lawful and appropriate channels, and avoid harassment, threats or violations of employee privacy.
BitMart said users have been the foundation of the company’s development over the past nine years. For now, it said, the focus will be on addressing current issues and setting out a near-term action plan, while relying on its advisory team’s professional support to build a more rational, transparent and effective user communication mechanism and continue providing progress updates.