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Xinja seeks shareholder support for plan to relaunch as US share trading platform Save Normal text size Advertisement Fallen neobank Xinja has given shareholders two options â wind up the company and expect a âvery small returnâ or support its relaunch as a wealth business focused on its US share trading platform. Xinja chief executive Eric Wilson emailed shareholders last Friday to apologise for the lack of information and seek advice on how to proceed. Xinja has asked shareholders to vote on the future of the company. Credit: The Age and Sydney Morning Herald, said the company remained solvent, had a âmodestâ cash balance and retained its intellectual property assets. ....
Xinja investors told shares worth close to, or actually, zero We’re sorry, this service is currently unavailable. Please try again later. Dismiss Normal text size Advertisement Shareholders in fallen neobank Xinja are bracing for the company to be placed into liquidation after a memo sent on New Year s Eve warned their shares could be worthless. In an update sent to investors after 4pm on December 31, Xinja said it had enlisted an external party to explore options to recoup value after the company made the shock decision to exit banking only 15 months after receiving its licence. This is without doubt the toughest letter that any member of the board has had to write in our professional career, the email, obtained by ....
False promises and the story of Xinja s decision to exit banking False promises and the story of Xinja s decision to exit banking Xinja burst onto the scene three years ago promising to shake up the banking industry. But now it s exiting banking, so what went wrong? Save Normal text size Very large text size Eighteen months before fallen neobank Xinja froze its customers’ bank accounts and returned its banking licence, it moved into a flash new office on Sydney’s King Street. The iconic building was once home to Facebook’s headquarters, and former employees say Xinja’s founders wanted to project the company’s image as being on par with the world’s largest technology companies. ....