News

Modum to cancel the voting on the swap of MOD tokens into tokenized Modum shares

News

Modum to cancel the voting on the swap of MOD tokens into tokenized Modum shares

Media Release

August 20, 2019

The Board of Directors of modum.io AG (Modum) has decided to cancel the vote on the token-equity swap of MOD tokens into tokenized Modum shares on the blockchain. Modum will elaborate the best options for a long-term and sustainable token model and inform later this year.

After having carefully considered the various feedbacks from the community, the Modum Board of Directors has decided to cancel the vote on the token-equity swap that was due to start on 21 August 2019. The united Board of Directors did not want to rush the decision as this vote is crucial for the future success of Modum.

«As underlined in the last weeks, the overarching objective of our daily work is to find the best option for Modum and all its stakeholders. This is what I and the whole team stand for», says Marc Degen, Co-founder and Chairman of Modum, with the full backing of the entire Board.

Modum will use the additional time to provide more information on the commercial reasoning, the swap eligibility procedures and the underlying platform. The goal is to find the best solution for all stakeholders, tokenholders and shareholders.

The challenge remains. After a successful token sale in fall 2017, the MOD token was traded on various exchanges. In the beginning of 2019, the MOD token was delisted from major exchanges causing it to become partly illiquid. In face of the latest market and regulatory developments, Modum will inform later this year about what the future plans are and will not pursue any exchange listing during this period.

Modum welcomes initiatives that align within our community and is open for a personal exchange.

 

About Modum

Modum is a Zurich-based company, founded in 2016 by a group of entrepreneurs with backgrounds in technology and pharmaceutical manufacturing. The company streamlines supply chain monitoring and leverages collected data to build automated digital ecosystems, powered by IoT sensing, AI and Blockchain technology. A wide range of applications are centered around supply chains of sensitive goods in various industries.

Modum ensures that their solutions are fit-for-purpose, meet market needs, run smoothly on existing platforms and can be seamlessly integrated by partnering with technology companies such as SAP and AWS, as well as business partners such as Deloitte and Swiss Post.

Our goal for 2019 is 10’000 shipments per month that use our technology. In addition, we want to create a workplace where the brightest minds unite and take the digitalization and streamlining of supply chains to the next level, offering our customers best-in-class services.

For more information, please visit our token-equity swap site.

Media contacts
Marc Degen
Chairman of the Board
marc.degen@modum.io

Caterina Beffa
Head of Communications & Marketing
+41 44 586 89 17
caterina.beffa@modum.io