Israel-based manufacturer Modu is set to shut down by February due to the cancellation of its planned initial public offering on the local stock exchange. As a result, layoffs were conducted with many former employees seeking backpay owed as well as investors seeking repayment on money owed.
The manufacturer was known for its Modu series of modular handsets and devices, which were meant to be expandable via series of cases with differing functionality. The company announced its first Android-based and BREW MP-based handsets last year before nearly shutting down and is currently selling through existing inventory.
