Car wash and care startup FleetFox is preparing for a new round of funding. However, the terms under which the investment could be made have angered lead investor Madis Muir, who is speaking on behalf of the startup’s small shareholders.
On Monday, FleetFox announced it was preparing a new round of capital raising. Investors’ money, however, will only be released if conditions are met – there will have to be changes to the current list of shareholders and Madis Muir will have to step down as lead investor. In addition, trading of FleetFox shares on the Funderbeam platform was suspended before the next stage of capital raising.
It is likely that current FleetFox investors will be offered the opportunity to sell their shares at a fixed price. It is not yet known under what exact conditions, but the discussion of this particular topic at the shareholders’ meeting became the cause of a major scandal.
Madis Muir’s accusations
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Source: www.dv.ee
