Mill City Ventures III, Ltd. announces $450 million private placement and launches Sui financial strategy

According to Businesswire, Mill City Ventures III, Ltd. (NASDAQ: MCVT), a non bank lending institution and financial company, announced that it has signed a securities purchase agreement to invest in public equity through private investment, purchasing and selling 83025830 ordinary shares at a price of $5.42 per share, with an expected total proceeds of approximately $450 million (excluding placement agency fees and other issuance expenses). Karatage, a hedge fund, served as the lead investor, and Sui Foundation also provided equal investment. This issuance is expected to be completed around July 31, 2025. The company plans to use approximately 98% of the net proceeds from private placement to acquire the native token SUI of Sui blockchain, and approximately 2% of the net proceeds from private placement to support the company's short-term loan business. SUI will serve as the company's primary financial reserve asset.