Mode Global Holdings PLC (LSE:MODE, OTCQB:MODGF) has been unsuccessful in its recent fundraising efforts, the UK-based fintech company announced on Thursday.
Since the announcement in July 2022 of a £2mln debt round, the company has been in discussions with a number of counterparties in relation to a more substantial equity fundraising.
However, these discussions took place amid considerable headwinds in the wider cryptocurrency industry which ultimately made negotiations unsuccessful.
Despite these headwinds, Mode has advanced its business roadmap, including securing Financial Conduct Authority approval to add more crypto assets to its platform and being able to offer its bitcoin cashback to users from over 300 leading retailers.
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.
Coinciding with the announcement, Rita Liu announced her resignation as chief executive and director of Mode, with effect from January 18.
Jonathan Rowland will take over Liu's day-to-day duties in the role of executive chairman.
David Shrier has also tendered his resignation as a non-executive director of the company which has been accepted.
Mode said it will provide an update in due course.