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
MOD Devices GmbH is dead. Long live MOD Audio UG
And let´s step onto the future once again!
Gianfranco Ceccolini, aka The MODFather