Printed from http://www.electronista.com

Modu to lay off employees after failed IPO attempt

updated 07:05 pm EST, Thu November 18, 2010

Most employees to be laid off

Israel-based cellphone developer Modu has announced that most of its employees will be laid off after the company failed to establish an IPO in Tel Aviv. Despite the bleak outlook, founder Dov Moran has expressed hope that the company will succeed in raising money from "other sources of capital." The executive did not provide further details, however.

"We did not manage to persuade people that Modu has great potential, and that hurts a lot," Moran said. "It's my failure."

The company recently unveiled the Modu T, which holds a Guiness World Record as the lightest touch phone. The device featured a modular design, with detachable components for the camera, speakers, and QWERTY keyboard. An Android-based variant, the Modu W, was expected to launch sometime next year.

Moran insisted that the failed IPO attempt was "not the end of Modu," as the company will continue to sell its existing products. [via Globes]



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Advertisement

Recent Reviews

Brother HL-L8250CDN Color Laser Printer

When it comes to selecting a printer, it's not exactly something most people put a lot of thought into. Printers are often touted as f ...

Moshi iVisor AG and XT for iPad Air 2

Have you ever tried to put in a screen protector that relies on static to cling to the screen? How many bubbles and wrinkles does it h ...

Epson PowerLite Home Cinema 3500 projector

Trying to find the perfect projector for a home theater can be tricky, as there are bountiful options on the market from a large numbe ...

Advertisement

toggle

Most Commented

 
toggle

Popular News