Former high-tech, high-flyer sells US operation for a dollar
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High tech HR platform 1-Page’s fall from grace is almost complete after the company moved yesterday to dispose of its US operation for just one dollar.
1-Page (ASX:1PG) was held up as a backdoor listing success story at its launch in 2014. At its peak it traded at $5.69, up 2745 per cent on its 20c issue price in less than a year.
When the ASX granted 1PG a suspension in March, it was trading at 16.5c.
1PG announced on Tuesday its intention to “pursue strategic alternatives”.
“After a review of several options it has agreed to sell One-Page Inc. for a nominal fee believing it to be in the best interests of shareholders to dispose of the business and associated liabilities.
“1-Page will pursue additional investment opportunities with the cash it has preserved and look to relist its securities as soon as possible.”
The company had $26 million in the bank at the end of July.
Staff at the company’s San Francisco headquarters were laid off in May as the company sought to devise their plans moving forward.
In-fighting and power struggles have reportedly plagued the company since its share price began to teeter in late 2016.
A letter to shareholders in April described the HR technology company as “nothing but an unfulfilled promise”.
Founder and former chief executive Joanne Riley attempted to overthrow the board in March in an attempt to keep the company alive – described by the board at the time as “her intention to continue to burn cash”.
But Ms Riley’s attempts proved to be in vain. The founder was booted from the job two months later.