BlockBeats news, on August 1, according to The Block, the U.S. listed company Mill City Ventures III announced on Friday that it plans to repurchase up to $500 million worth of SUI tokens. Previously, the company had reached an equity financing agreement with A.G.P./Alliance Global Partners that allows it to sell common stock to fund its cryptocurrency asset treasury strategy.
This announcement follows Thursday's news—Mill City has spent approximately $277 million to purchase over 76 million SUI tokens. This transaction occurred after Mill City officially established itself as the treasury manager for Sui enterprises and completed a $450 million private placement financing.
Mill City stated on Friday that A.G.P./Alliance Global Partners agreed to provide equity financing, allowing the company to sell up to $500 million of common stock. Mill City stated: "This 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."
