Kik may sell its messaging app to keep the service alive

The Kik messaging app may not shut down after all as the CEO, Ted Livingston, claims there's a buyer interested in purchasing the platform.

On Sept. 24, Ted Livingston, CEO at Kik Interactive Inc, announced the shut down of its messaging app, Kik.

Now, the Canadian entrepreneur is working to keep the Kik messaging app alive.

In a Tweet, Livingston revealed that the firm signed a letter of intent with a company that is interested in purchasing the app and continue developing it with the integration of KIN. "We just signed an LOI with a great company. They want to buy the app, continue growing it for our millions of users, and take the Kin integration to the next level. Not a done deal yet, but could be a great win win," stated Livingston.

Although further details have not been disclosed yet, the move comes as a surprise to Kik's 300 million users who were forced to move into other messaging apps.

"This just made my day Kik is everything and millions of us can't lose this app so hopefully it stays," commented rapper and songwriter Tia.Legal battle.

In 2017, Kik Interactive Inc. raised approximately $100 million from over 10,000 investors in an initial coin offering via the KIN token.

In response, the U.S. Securities and Exchange Commission sued the messaging app in June for selling tokens, alleging they're unregistered securities for U.S. investors.

"We have to keep going. Until that's it, we don't have a dollar left, a person left. We will keep going no matter how hard it is," said Livingston in a speech at the Elevate conference.

Selling the Kik messaging service platform may alleviate part of the insolvency issues the firm is facing as it fights a costly legal battle against the SEC. At the moment, Kik Interactive Inc. is not the only firm that is under the Commission's radar.