Mill City Ventures to rebrand as SUI Group, change ticker to SUIG

WAYZATA, Minn. - Mill City Ventures III, Ltd. (NASDAQ:MCVT), currently valued at $599.41 million, announced Monday plans to rebrand as SUI Group Holdings Limited, reflecting its strategic focus on building a SUI blockchain-based treasury. The company will change its ticker symbol from MCVT to SUIG, with the changes expected to take effect at market open on or about Tuesday.

The specialty finance company, which has generated $3.31 million in revenue over the last twelve months, describes itself as "the only publicly traded company with an official relationship with the Sui Foundation," positioning itself to provide institutional exposure to the SUI digital asset. According to InvestingPro, the company has demonstrated remarkable performance with a 229.74% return over the past six months.

"This strategic rebrand marks a defining moment in SUI Group’s evolution as we align our identity with our mission to be the premier, foundation-backed SUI treasury company," said Stephen Mackintosh, Chief Investment Officer of SUI Group, according to the press release.

The company stated its strategy centers on "long-term accumulation and activation of SUI" to support the advancement of the Sui network, while continuing its existing specialty finance operations. The company maintains a healthy financial position with a current ratio of 10.21, indicating strong liquidity to support its strategic initiatives.

No action is required from stockholders regarding the name and ticker symbol change. The company’s common stock will remain listed on the Nasdaq Capital Market and continue to be available for options trading on Cboe Global Markets.

The rebrand comes with significant risks typical of cryptocurrency investments, including price volatility and regulatory uncertainty. Trading at a P/E ratio of 23.99, analysis from InvestingPro indicates the stock appears overvalued at current levels. The company noted in its statement that the price of its stock may be highly correlated to the digital assets it holds, and that accounting for crypto assets under GAAP may cause significant fluctuations in financial statements from period to period.

In other recent news, Mill City Ventures III, Ltd. has made significant strides in its SUI treasury strategy. The company reported holding 81,871,794 SUI tokens valued at approximately $316 million. This acquisition is part of a larger $450 million private placement aimed at establishing a Sui blockchain cryptocurrency treasury strategy. Approximately 98% of the proceeds from this placement are allocated to acquiring SUI tokens, with the remaining funds supporting Mill City’s short-term lending business. The private placement involved the sale of over 83 million shares of common stock, with major participation from firms like Karatage Opportunities, Galaxy Digital, and Pantera Capital. Mill City Ventures is staking all its SUI tokens, generating approximately $26,000 per day. The company has recently increased its SUI holdings by purchasing an additional 5.6 million tokens at an average price of $3.65 per token. These developments highlight Mill City’s focus on integrating cryptocurrency into its financial strategy.

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