Forum - Plastc Swiped $9 Million From Backers, Now It Plans To File For Bankruptcy and Shut Down
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Post 134664       April 20 '17 at 07:51 PM
By BeauHD from Slashdot's cease-and-desist department:
Plastc announced today that it is planning to file for bankruptcy and will shut down on April 20, 2017, after raising more than $9 million through preorders and shipping to no backers. "Plastc launched in 2014 with the promise of shipping a single card that could digitally hold 20 credit or debit cards that a user could switch between," reports The Verge. From the report: With that, all backers' money is lost, and no Plastc cards will ship. Plastc announced the news on its website today along with the fact that all its employees have been laid off. Its customer care and social media channels have also been shut down. The company explains that it thought it would close $3.5 million in funding in February this year, but that fell through. Another possible investment deal of $6.75 million fell through, too. What's not clear is how more than $9 million wasn't sufficient to get backers their orders. Backers will likely have questions and want their money back, but with no one to turn to from Plastc, they'll likely be out the cash.