Crowdfunded Tech Co. Dissolves

Sorry, 1,300 backers of Vinaya. The company sent a notice to its Indiegogo backers that it would not be delivering its promised Zenta health wrist wearable device, and also, you’re not getting a refund of the $270,000 you paid upfront, either (although you might see some sort of compensation later (doubtful)).

The company is dissolving and its executives “won” the bidding for the company’s assets.

So, phoenix-like, it may arise again to ask you for cash.

VC’s apparently lost about $3M.
BTW, as a backer you are a creditor, so you might want to talk to counsel.
https://techcrunch.com/2017/01/03/more-wearable-woe-as-vinaya-restructures-and-seeks-pivot-to-b2b/

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at: http://www.linkedin.com/pub/jeffrey-a-koeppel/0/63/5a9
This entry was posted in accredited investor, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Investments, Jobs, Legislative Intent, SEC, Small Business, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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