FanHub Statement – Seedrs Funding Round

Regarding the in-app Founders badge – we will still add the badge in-app for those who were going to invest and qualified. Please get in touch via support@fan-hub.com and we will get this sorted!

We hoped to have more positive news but, in short, Seedrs have decided not to proceed with the investment and all investors will be refunded their money.

We understand that this will disappoint a lot of people, who we believe deserve an account of how this situation played out.

On 1st July we were informed that as part of the closing process we must submit evidence of 6 months’ reserves, which we provided on 21st July.

On the 11th August we were informed that Seedrs had made an error in the share/valuation calculations and investors must have an opportunity to opt out.

On the 14th September we were informed that Seedrs had made an error in the share allocations on the legal documentation and that this must be re-done.

On 21st September Seedrs raised a concern that we may not have sufficient reserves to meet their requirements.

We again submitted financial information to evidence that with future cash inflows we have sufficient cash for a further 6 months from that date.

We expressed our alarm that this was now being raised as an issue and specifically requested that if there was any chance of Seedrs not proceeding to provide the investment then we should be informed immediately.

On 27th September we were sent fresh documents for approval.

On 31st October after all existing shareholders had signed the documents, we were told that we’d receive the payment early the following week.

On 1st November we were asked to confirm our bank details as funds were being sent.

On 14th November in a meeting with Seedrs, they confirmed that they will not proceed with the investment.

To reassure our community and existing investors, since being informed of this decision, we have already secured further financing to continue our growth.

Other than to express our frustration and disappointment for those whose investment has been cancelled, we are not making any further comments at this time.

Thank you again for your support.

How can I claim my money back?

Seedrs have now issued a refund on all investments. You can use their withdraw function and money will be sent back to you within 10 business days.

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