Mode Global Holdings PLC Mode prepares for wind-down (9831N)
January 26 2023 - 6:30AM
UK Regulatory
TIDMMODE
RNS Number : 9831N
Mode Global Holdings PLC
26 January 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
26 January 2023
Mode Global Holdings Plc
("MODE" or the "Group")
Mode prepares for wind-down
Following the announcement on 19th January 2023 that the Group
has been unsuccessful in sourcing funding, the Board has made the
difficult decision to initiate wind-down of customer operations for
Fibermode Ltd, JGOO Ltd and Greyfoxx Ltd.
It is a challenging time in the crypto market and the Group has
faced considerable headwinds along the way. The Group is looking to
restructure by initiating a winding down of the customer operations
of its regulated trading subsidiaries and making CVA proposals to
creditors of MGL Ltd which cannot currently be settled.
In the following weeks, the Mode mobile application will be shut
down. The Board has also made the decision to close the following
subsidiaries; Fibere Ltd and JGOO Ltd.
Customers will be notified in due course and their funds and
crypto assets will remain safe with our partners with no access
restrictions. Mode does not lend out assets. Customers will be
encouraged to remove their assets from the platform in the coming
days and weeks.
The Board will continue to look for ways to extract value from
the Group in the future and to rebuild operations within the
cryptocurrency industry.
Enquiries:
Mode Global Holdings PLC info@modeapp.com
Jonathan Rowland / Richard Morecroft
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