If you take a look at the StartEngine page for the Intellivision Amico right now you will find that the total raised has dropped from $58,000 to zero. This quickly led to speculation online that StartEngine themselves may have stepped in on the matter or that Intellivision pocketed the money and ran. However, that seems to have not been the case.
In a new video published by Smash JT on YouTube, this decision was actually made by Intellivision themselves as some investors via StartEngine were notified by the website via e-mail that Intellivisionwould not be closing on investor funds and have terminated the offering.
One user took a screenshot of the e-mail which stated the following:
We hope this email finds you well. We are contacting you regarding your investment in Intellivision.
Intellivision will not be closing on Investor funds because they have decided to terminate the offering.
As a result, your investment has been canceled. No funds were taken for your investment, and as such no refund is due. No further action is needed on your behalf.
Please feel free to reach out to our support team here if you have any questions.
The StartEngine Team
Intellivision recently announced they would be going on a “quiet period” after the sudden closing of their recent crowdfunding venture with the company saying this was due to some discussions with some potential outside investors. Some have speculated this is just a way to hope their controversies they have faced over the years are forgotten while others believe they are about to file for bankruptcy.
The StartEngine campaign did not go well not only because it was the company’s fourth crowdfunding effort, but the company also because they were found to be in serious financial trouble according to an SEC filing. It also didn’t help that current CFO Nick Richards blamed the failed attempts on “critics” and not public and not their disclosed financial details.