Crowdfunded Business Fails

“A Very Sad Goodbye” is the latest update from Ossic X’s Kickstarter page.

Although it is apparently still asking for money, the company says “It is with an extremely heavy heart that we must inform you that OSSIC is shutting down and will be unable to deliver the remaining OSSIC X headphones.”

After raising about $6 million on Kickstarter and Indiegogo and some VC money, the result was the inability to mass produce and ship their 3D headphones.

They intimate that with another $2 million they might be able to fulfill their promises to 22,000 customers, but it seems unlikely.

Sorry, but sometimes businesses fail not for lack of trying.

https://techcrunch.com/2018/05/20/after-tens-of-thousands-of-pre-orders-high-end-3d-headphones-startup-ossic-disappears/

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, balance, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, Small Business, technology, VC, Venture Capital and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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