modu Ltd., run by CEO Dov Moran, today published its prospectus for an IPO on the Tel Aviv Stock Exchange (TASE). The prospectus states that modu has a going concern warning from its auditor, and that it has spent $115.6 million to date.
modu will issue shares, bonds, and warrants.
modu posted a loss of $8.1 million in the first half of 2010 and had a negative cash flow of $5.6 million, after losing $45.7 million in 2009 as a whole and a negative cash flow of $44.2 million. It posted $1.6 million revenue in the first half of 2010, after earning $87,000 in 2009 as a whole. The company also disclosed that its capital equity deficit is $1.5 million.
modu is developing a modular mobile telephone, the lightest on the market, which users can personalize and customize. Moran launched the venture in 2008 after selling msystems, which he also founded, to SanDisk Corporation (Nasdaq:SNDK).
At the time of the launch, Moran said that his goal was to create a giant company with $1 billion in sales within six years. It hasn’t happened yet, but there is still time.
Last week, Modu teamed with Indian mobile handset manufacturer Micromax Informatics Ltd. to launch the co-branded and customized modu T phone in India.
Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2010
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