US-based tech job portal 1-Page.com is headed for closure as the board readies to close down the company.
According to the Australian Financial Review, the portal requested a voluntary suspension from the ASX on March 13 “pending an announcement in relation to a “disposal” of the company or its assets”.
The move follows their suspension of trading a few weeks ago, when it began to review plans for dismantling parts of the business.
Over the past year 1-Page has been struggling with conflict between CEO Peter Kent and founder and former CEO Joanna Riley over the push to take the company private.
The AFR reports tensions had arisen over ongoing issues with the cash burn rate of 1-Page. Operating expenses were still sitting at about $1 million a month, while revenue for the six months to July 31 was $827,133 – slightly down on the previous period.
If 1-Page is dismantled, the board will likely search for a local technology company to complete a backdoor listing into the 1-Page shell, with the remaining cash in the business going towards growing the new company.