Headphone maker Monster to raise up to $300 million in coin offering
(Reuters) – Headphone maker Monster Merchandise Inc stated it’s planning to boost as much as $300 million in an preliminary coin providing, a fund-raising technique through which an organization creates a token, or digital forex, and sells it to the general public.
Monster Merchandise will provide as much as 300 million of its “Monster cash tokens” (MMNY) for the providing, the corporate stated in a regulatory submitting bit.ly/2sna6Qq dated Could 25. The corporate can also be providing 75 million shares of its widespread inventory.
Monster stated it plans to combine the ethereum blockchain know-how to its ecommerce web site to create the Monster Cash Community the place shoppers could use both MMNY tokens or authorized forex to buy its services.
Monster made Beats headphones from 2007 to 2012. The termination of the connection with Beats “dramatically interrupted” Monster’s product traces and techniques, the corporate stated within the submitting.
Monster now additionally presents merchandise equivalent to cables, audio system, energy equipment and transportable chargers.
“Over the subsequent 5 years, Monster’s enterprise technique is to revitalize relationships with the corporate’s current retail relationships in addition to goal growth into new retail venues,” the corporate stated.
Reporting by Shubham Kalia in Bengaluru; Modifying by Maju Samuel