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MONTEREY PARK - Maison Solutions Inc. (NASDAQ:MSS), a specialty grocery retailer focusing on Asian and international food products, announced Monday it has purchased approximately 2.55 million Worldcoin (WLD) tokens as part of its newly launched Digital Asset Treasury initiative. The micro-cap company, currently valued at just $15.5 million with shares trading at $0.70, has experienced significant price volatility with a beta of 5.03, according to InvestingPro data.
The acquisition represents the company's first step into digital assets, according to a press release statement from the grocery chain.
"In contrast to conventional cryptocurrencies, WLD sits at the intersection of digital identity, payments, and financial inclusion," said Maison Solutions CEO John Xu in the announcement.
The company indicated its Digital Asset Treasury strategy may expand beyond Worldcoin to include additional digital assets for balance sheet diversification. Maison Solutions described the purchase as a "foundational step" in a long-term approach to leverage digital assets for strategic growth. This move comes as the company faces financial challenges with InvestingPro data showing short-term obligations exceeding liquid assets with a current ratio of 0.58 and a debt-to-equity ratio of 4.7.
Founded in 2019, Maison Solutions operates three traditional Asian supermarkets under the HK Good Fortune brand in the Los Angeles area, along with three Lee Lee International Supermarket locations in Arizona.
The company did not disclose the financial terms of the Worldcoin token purchase or specific implementation timelines for its blockchain initiatives.
In other recent news, Maison Solutions Inc. announced it has entered into a Securities Purchase Agreement for a private placement of up to $70 million in convertible notes. This investment is aimed at establishing a digital asset treasury that will include Worldcoin, a digital currency associated with identity verification. Maison Solutions plans to use Worldcoin tokens to explore blockchain initiatives, such as global payments and identity-verified loyalty programs. Additionally, the company issued a $3 million convertible promissory note, with plans to use the majority of the proceeds to acquire World Coin as a treasury asset. In another development, Ascendiant Capital initiated coverage on Maison Solutions with a Buy rating and a $4.00 price target, reflecting positive analyst sentiment. These developments highlight Maison Solutions' strategic moves to integrate digital assets into its business model.
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