Zipmex's token value halves as fresh funding woes revealed
Quick Take
- ZMT plunged 50% to $0.05 following news of funding issues and potential liquidation.
Zipmex Technology's token plunged over 50% as the firm's rescue investor missed a payment, and the company warned employees of potential liquidation.
V Ventures signed a deal to rescue the company last December. The firm has missed its latest payment, according to an email obtained by The Block. As a result, the company cannot pay specific staff and risks liquidation. Zipmex's token dropped a little over 51% to $0.05 following the news, according to CoinGecko.
ZMTUSD chart by CoinGecko
More than 100 staff, or around 43% of the entire workforce, won't be paid this month due to the missed payment.
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Zipmex is working with its legal team on alternative methods of funding, according to an email sent to shareholders.
"Should the investor fail to transfer the working capital earmarked for March 2023, we will have no choice but to commence liquidation proceedings for Zipmex Technology Company Limited," the email read.
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