REG - Mode Global Holdings - Mode prepares for wind-down

R8 Capital InvestmentsAnnouncement

26/01/2023 11:30

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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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