Mode Mobile

Key Information

Fundraising Approach & Runway:

The company has been undertaking an ongoing fundraising strategy over the past year allowing them to raise and draw down investment on a continuous basis. The Company has had several investment campaigns running simultaneously allowing them to do this. These have included a Regulation CF raise and a Regulation D raise in the United States, as well as an equity crowdfunding raise in Canada. Additionally, the Company has been raising funds pursuant to Regulation S from investors outside of the United States.

The investment raised through these crowdfunding campaigns over the last 6 months has been reflected in this campaign, representing £1.9M from 1,391 investors.

The Company intends to continue this approach and raise investment on an ongoing basis in the future through multiple vehicles and plans to raise capital via a Regulation A raise some time in 2024. This Seedrs campaign constitutes part of this multi-vehicle approach.

Due to this approach and the drawdowns of investment, the Company’s cash position may not exceed 6 months of runway at any given time.

Share Price, Reflected Investment and FX Conversion:

As part of their fundraising offerings in other jurisdictions the company has offered ‘bonus’ shares to investors depending on their level of investment.

These additional ‘bonus’ shares have an impact on the effective share price paid by the investor.

The share price in this Seedrs campaign has been calculated using the average share price paid by investors over the last 6 month period, including any additional bonus shares. The amount of funding raised in the past 6 months has been reflected in the progress bar on the campaign. That means some funds reflected will have been invested at a higher price and some at a lower price than the one offered in this campaign.

The funds reflected in the campaign have been converted from USD to GBP at an exchange rate of 0.8 (being the spot rate on 25/04/24).

Share Classes:

The Company has five classes of stock: Series Seed Preferred Stock, Class A Common Stock, Class B Common Stock, Class C Common Stock and Class AAA Common Stock.

All investors in this round, including Seedrs investors, are receiving Class AAA Common Stock, with the following rights: (i) rights to participate in dividends pro rata with all other classes of Common Stock in the Company; (ii) rights to participate in surplus assets in the event of a liquidation (and on an exit) behind holders of Preferred Stock (which benefits from a 1x non-participating liquidation preference) and pro rata with all other classes of Common Stock in the Company.

Please note that Class AAA Common Stockholders do not have voting rights or pre-emption rights.

Group Structure:

Investors in this round are investing in and will become shareholders of Mode Mobile, Inc., a Delaware incorporation. The company has 3 wholly owned subsidiaries:

1. Mode Mobile, LLC., a Delaware Limited Liability Company.
2. Current (Gibraltar) Ltd, a private company in Gibraltar.
3. Mode Phone, LLC., an Illinois Limited Liability Company.

Bonus Shares:

As part of the investor perks for this campaign the company intends to offer additional bonus shares to investors in the campaign.

The company intends to issue these bonus shares directly to each investor, meaning these additional shares would sit outside of the Seedrs nominee and not be reflected in investors’ portfolios on Seedrs.

The company is solely responsible for the issuance of these additional bonus shares and Seedrs takes no responsibility for them.

The share price of the campaign does not take into account any additional bonus shares being offered as part of the investor perks package.