Mode Global Holdings PLC Update on Fundraising Activities and Board Changes (2627N)
January 19 2023 - 4:00AM
UK Regulatory
TIDMMODE
RNS Number : 2627N
Mode Global Holdings PLC
19 January 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
19 January 2023
Mode Global Holdings Plc
("MODE" or the "Company")
Update on Fundraising Activities and Board Changes
Since the announcement on 13 July 2022 of the completion of a
GBP2,000,000 convertible loan note fundraising, the Company has
been in discussions with a number of counterparties in relation to
a further more substantial equity fundraising. These discussions
have taken place against a backdrop of considerable headwinds in
the wider cryptocurrency industry which have been well documented.
Despite these headwinds, Mode continued to make progress with
executing its business plan, including securing FCA approval to add
more tokens to its platform and being able to offer its Bitcoin
cashback to users from over 300 leading retailers.
Notwithstanding these positive business wins, the Company's
recent fundraising efforts have been unsuccessful. The Board is
considering a variety of options for maximising value for all
stakeholders, which may include a disposal of its business or a
subsidiary sale. The Company will provide an update in due
course.
At this juncture, Rita Liu has resigned from her position as CEO
and director of Mode, with effect from the close of business on 18
January 2023. Jonathan Rowland will take over Rita's day to day
duties in the role of Executive Chairman. David Shrier has tendered
his resignation as a non-executive director of the Company which
has been accepted.
The Board would like to reassure customers that their FIAT and
crypto assets are safe and secure with no access restrictions. Mode
does not lend out customer assets. Assets are kept safe and under
customer control with our custody partners.
Enquiries:
Mode Global Holdings PLC info@modeapp.com
Jonathan Rowland / Richard Morecroft
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