By Ian Walker


Shares of Mode Global Holdings PLC fell 56% on Thursday after the company said that it plans to wind down the customer operations for a number of its businesses, including Fibermode Ltd., JGOO Ltd. and Greyfoxx Ltd.

Shares at 1140 GMT were down 0.75 pence at 0.60 pence

The London-listed fintech company--which said last week that a planned fund raising had been unsuccessful--also said that it has started winding down 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.," it said.

The company said that the board continues to look at options to extract value from the group in the future and to rebuild operations within the cryptocurrency industry.

A CVA, or company voluntary agreement, is an agreement between a company and its creditors to repay debts over an extended time period.


Write to Ian Walker at ian.walker@wsj.com


(END) Dow Jones Newswires

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