We appreciate your recognition of Hey Company as one of the i-Street 75. Sadly, we are going to wind down our operations this month just as we are gathering steam. Sales are up. Press is quite positive. Vendors are complimentary.
Employees are talented and loyal.
The problem is that we are not operationally self-sufficient yet and the doors to the capital markets are closed, locked and the lights are off. With no foreseeable opening in the capital markets, we couldn't, in good conscious, close the interim round. While many venture, strategic corporate and large family investors have reviewed our deal, had positive comments and wanted to keep the door open, at the end of the day no one was investing in anything. We stopped taking a salary over 4 months ago to give Hey Company a financial buffer and protect employee compensation, but unfortunately Hey Company hit the end of its reserves. We discussed with our employees the fact that Hey Company was out of cash and we couldn't ask them to continue without the prospect of getting paid.