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The new "SUI Edition MicroStrategy" MCVT has surged 12% since its listing, currently trading at $6.62.
BlockBeats News, July 28th, according to rockflow data, the new "SUI Edition MicroStrategy" publicly traded U.S. company Mill City Ventures III, Ltd. (MCVT) saw a 12.2% increase after opening, with the current price at $6.62, and a reported market cap of $40.8631 million.
BlockBeats previously reported that the non-bank lending institution and financial services company Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced that it has entered into a securities purchase agreement to invest in public equity in a private placement. It will purchase and sell 83,025,830 shares of common stock at a price of $5.42 per share, with expected gross proceeds of approximately $450 million (net of underwriting discounts and other offering expenses). The company plans to use approximately 98% of the net proceeds from the private placement to acquire the native token SUI of the Sui blockchain and approximately 2% of the net proceeds to support the company's short-term lending business. SUI will serve as the company's primary financial reserve asset.
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