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

Sponsor

Recent Reviews

Adesso Xtream S3B Bluetooth speaker

Finding a speaker purpose-built for a specific need is challenging. Even when a Bluetooth speaker can be paired with a mobile device, ...

JBL Synchros E40BT headphones

For all the different configurations of headphones on the market, it's always a tough choice for buyers to get something that is just ...

Razer Taipan mouse

The list of gaming devices is growing larger with each passing day. A large number of companies have entered the gaming input arena, a ...

Sponsor

toggle

Most Commented

 
toggle

Popular News