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

Jonathan Rowland / Richard Morecroft

info@modeapp.com

 


 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDGZGZMMVLGFZM