2 years ago

WANdisco Seeks £24 Million to Avoid Collapse Amid Financial Irregularities

  • WANdisco, a UK-based data company, is seeking an emergency £24 million ($30 million) fundraising round to avoid collapse

  • The company's board believes that without external funding, its current cash balance will only last until mid-July

  • This decision comes after WANdisco suspended its shares on the AIM London market in March due to potentially fraudulent irregularities in its accounts

  • The company has appointed an interim leadership team and is implementing a transformation recovery program, including a 30% reduction in global headcount.

      • ProblemTechnology

      "improving sales and marketing, addressing governance and control environment, and cutting global headcount by 30%"

      Solution

      "raising $30m in equity funding to boost balance sheet strength and urgently capitalize the business "

      Covered on