MOD Reboot: We made it!

Dear MOD users

I am very happy to inform you all that WE MADE IT !!

  • Yesterday the sum of signed LoCs surpassed 200k€.

  • Yesterday we founded the new company, MOD Audio UG.

  • Yesterday we signed the asset purchase deal with the Insolvency Administrator, who already signed it back.

  • And earlier today we secured the new office lease.

Yay! What an awesome thing to live and see.

We are stoked here about the engagement and commitment of our community. You guys really rock! After multiple fundraisers that I have made through this journey, I can honestly say that this was the nicest one, despite the tension of the moment.

The next steps are the following:

  • The asset purchase deal is effective from October 1st, 2022. According to the Letter of Commitment, this is the 3rd required condition for signing the investment contracts,
  • Once the asset deal is effective, we will send the investment agreements for signature.

The investment round will be open until the full 200k€ is transferred to our account. From the moment they sign, investors have two weeks to make the transfers and we will keep the door open for new potential investors until the transfers are finished.

In the meantime, we are putting the administrative things in place, like bank account, post box, etc.

As soon as the administrative pieces are in place, we will proceed with the re-start of the online services, like Plugin Store and Pedalboard Feed. They should be up by the first week of October.

That is a lot of happy work ahead :slight_smile:

MOD Devices GmbH is dead. Long live MOD Audio UG

And let´s step onto the future once again!

Gianfranco Ceccolini, aka The MODFather

76 Likes

Congratulations! This is great news! Can’t wait to see what comes :slight_smile:

6 Likes

Turn on plugin shop and take my money! So happy mod is still alive!

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Congrats, @gianfranco and @friedsilence!
Looking forward to the next steps of the journey!

(And to more details when available;-))

8 Likes

wow. stoked! :partying_face: :mirror_ball:

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Congratulations man, really deserved it. Any clues about what we could expect from the new company? I mean, bussines model, propietary vs open source, all the debates we’ve been taking recently

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Amazing news!!! Can’t wait to see the store back up. I will buy every single paid plugin as soon as I can.

11 Likes

On a humorous note, with the amount of people trying to access the plugin server, I think it will crash the moment they put it back online and we will be without it for a few days longer… Lol !

12 Likes

Well done!!!

Hope you manage to get yourselves some good rest and recovery before you’re thrown into a very busy few months!

8 Likes

the new company is spending the entire 200K on a dedicated server, no??!! :wink: :rofl: :rofl: :rofl: :rofl:

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For what it’s worth, congratulations!!!

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great news !

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Congrats! Very nice!

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And I forgot to mention a very important milestone:

We now own the great domain http://mod.audio :slight_smile:

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That’s a cool domain name!
I do hope that you also acquired the old domain as well and may establish redirects, so old links for forum, Pedalboards, store etc would continue to work?

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Sure. The old domain is part of the assets.

6 Likes

Does this mean that the Tier 3 backers will still receive the Dwarf?

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That was the goal of the original crowd funding attempt trying to reach 300K EUR. But when that was not reached, the 2nd attempt lowered the target to 200K EUR (which thankfully was now reached), but excluded the delivery of the missing tier 2 and tier 3 Dwarfs.

So at least initially you would only get one if you are prepared to pay an additional 150 EUR as outlined by @gianfranco in Survey results, Reboot or Hibernation - #28 by gianfranco, but you would receive a voucher for the plugin store for the same amount.

If business goes well there might be a chance that this amount is reduced or will go away, but I don’t guess that this will happen anytime soon.

(Note: I’m not affiliated with MOD Audio, just repeating what was stated before)

11 Likes

Will an email be sent to tier 3 user when the option is available to pay an additional € 150,- to get your unit? I don’t have the time, or the willingness to follow all these discussions. Basically I am willing to pay the money to get my Dwarf, but nothing else.

8 Likes