Some were caught off guard when Intellivision decided to pull the plug on their ongoing crowdfunding efforts via StartEngine earlier than expected. Now it seems that the company are now issuing a statement that was promised to take place by the end of February a couple days after that expiration date.
Earlier today Intellivision CEO Phil Adam sent out e-mails acknowledging that they company did close their StartEngine early and claimed it was due to being in discussions with potential investors or acquirers. Adam also said they will be going on a “quiet period” while these alleged negotiations go on. The e-mail states:
Some have speculated that this is just a way to Intellivision to go quiet and not acknowledge concerns both gamers and investors have had for some time. More and more have voiced their frustrations with how things have been handled publicly by those at the highest levels of the company with some pointing to the recent claims by company CFO Kevin Richards who blamed “haters” for the failed campaign and not their recent filings with the SEC.
One investor also pointing out on StartEngine that small YouTubers have been given more information than investors who have previously invested thousands of dollars.