Cause-based MVNO The People's Operator (TPO) has secured financial approval to sell its US customer base to US mobile network Ting for GBP 700,000, reports The Telegraph. The company also confirmed that Wikipedia founder Jimmy Wales has stepped down from the board to focus on other interests.
The sale of its US customer base to Ting comes as it faces a funding crisis, with primary lender Barclays insisting that the proceeds from the sale of its US operations be used to help pay off a GBP 1 million loan. Wales had originally invested in the TPO in 2014, and stepped down as chairman in 2017.
In a recent stock market announcement, the TPO also announced that it would not be able to publish its annual audited accounts for 2017 by 30 June 2018 because it was still in talks with Barclays and continuing to seek bridge funding to cover the period until it can receive the proceeds from the sale of its US business. In accordance with AIM market rules, TPO shares are expected to be suspended from trading 07.30 hours on 02 July until its FY 17 accounts are published.