SUI Treasury Management Company Mill City Plans to Raise Another $500 Million, Stock Price Plummets

BlockBeats News, August 1st, according to The Block, US-listed company Mill City Ventures III announced on Friday that it is planning to repurchase up to $500 million worth of SUI tokens. Previously, the company had entered into an equity financing agreement with A.G.P./Alliance Global Partners, allowing it to sell common stock to fund its cryptocurrency treasury strategy.

This announcement follows Thursday's news—Mill City had already spent approximately $277 million to purchase over 76 million SUI tokens. The transaction took place after Mill City formally established itself as the Sui corporate treasury manager and completed a $450 million private placement.

On Friday, Mill City stated that A.G.P./Alliance Global Partners had agreed to provide an equity financing facility, allowing the company to sell up to $500 million worth of common stock. Mill City stated: "The equity financing does not include any commitment fees, and all proceeds from the financing will be used to advance the company's SUI treasury strategy."