Mantra, hit by 'crash' episode, pushes restructuring… "Prolonged market slump"
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Summary
- Mantra (OM) said it has decided to restructure the company following last year’s token crash episode.
- Mantra’s token price is trading in the $0.08 range, down about 97.7% from a year earlier, it said.
- CEO Mullin said the existing cost structure is not sustainable due to a prolonged market slump and intensifying competition, leading to headcount reductions.
Mantra (OM), which suffered a token crash last year, is moving ahead with restructuring.
John Patrick Mullin, Mantra’s chief executive officer (CEO), said on X on the 14th (local time) that he had decided to restructure the company after “the toughest year Mantra has gone through, for a variety of reasons.” Mullin added, “As part of a strategic pivot toward 2026, we will become a leaner organization overall, streamline operations and focus resources,” and said he would “take full responsibility for the process that led to this decision.”
Mantra previously went through a token crash episode in April last year. At the time, Mantra’s price plunged by nearly 90% in just three hours, from the $6 range to the $0.5 range. According to CoinMarketCap, Mantra is trading in the $0.08 range as of this day. That is a drop of about 97.7% from a year earlier.
Mullin said of last year’s crash, “It was extremely unfortunate, and frankly unfair.” He added, “With a prolonged market slump, intensifying competition and a changed market environment, the current cost structure is no longer sustainable,” and said, “To regain market leadership and grow again, we need to improve capital efficiency and adopt an extremely focused strategy.”
He continued, “We have already cut unnecessary spending and redeployed capabilities to higher-priority tasks, but it was not enough to match our funding capacity,” adding, “So we made the difficult decision to reduce headcount.”
