Talks over a potential acquisition are ongoing in the finance industry, with former PlayUp employees expressing doubt about the outcome.
Former employees raised concerns about unpaid wages and severance pay, contradicting CEO Daniel Simic’s assertion that staff were paid in full.
Payroll for the period of 16 to 30 June is expected to be paid soon, although it remains uncertain when employees will receive the money owed for severance and paid time off.
PlayUp’s US headcount has drastically reduced to only two employees, indicating financial struggles.
The company is currently in discussions for a potential acquisition by an unnamed US-listed operator, which includes a down payment to address outstanding payments.
However, it is unclear whether the deal will be finalized.
PlayUp’s financial difficulties have also affected its relationship with vendors, with some debts dating back to November 2021.
The company’s access to certain states for its relaunch is uncertain, as its New Jersey license was recently revoked, and its Colorado site is in “maintenance mode.”
Senior staff members have also resigned, including the group CFO and general counsel in Australia.
Former CEO Laila Mintas has filed a claim for $100 million in damages from PlayUp, following the collapse of a $450 million sale to FTX.
