FastForward Innovations (FFWD) has announced that investee company, Factom, has filed for has filed for a Chapter 11 reorganisation. Factom is a blockchain-focused company, which FFWD invested into in 2018.
FFWD notes that such a re-organisation includes an application for the ‘writing off’ of various debts of Factom, including FFWD’s $6m SAFE note.
FFWD’s interest in Factom is divided between Series Seed shares and the SAFE which were valued at £581,000 and £4,880,000, as at 30 September 2019. These were subsequently written down to zero, as announced on 14 April 2020.
FFWD is an AIM quoted investment company focused primarily on disruptive high growth life sciences and technology businesses particularly within the medical cannabis arena. The company’s strategy is to identify early stage opportunities that have an upcoming investment catalyst and grow its portfolio in terms of value whilst limiting the number of investee companies to a level where relevant time can be devoted to each.
FFWD: FastForward Innovations’s Factom holding files for Chapter 11