REG - Mode Global Holdings - Update on Fundraising Activities and Board Changes

R8 Capital InvestmentsAnnouncement

19/01/2023 09:00

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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 £2,000,000
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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