4 hours ago
Robert Leshner, CEO and co-founder of tokenization steadfast Superstate, said helium bought a bulk involvement successful publically listed e-commerce liquor retailer LQR House (YHC), readying to overhaul the embattled company.
Leshner purchased a 56.9% controlling involvement successful the steadfast for $2.03 million, according to a document filed to the SEC. The determination sent shares of LQR up arsenic overmuch arsenic 45% during Monday trading.
LQR House runs CWSpirits.com, an online seller of a scope of premium liquor products. In November, the steadfast embraced bitcoin BTC arsenic a treasury asset, approving an up-to $1 cardinal BTC allocation and enabling crypto payments connected its platform.
In a station connected X, Leshner said helium hasn’t conducted "extensive diligence" connected the company, which helium described arsenic having a "somewhat shady history." The firm's stock terms plummeted implicit 90% since March.
Still, his intent is clear: Clean location and overhaul the business.
According to the SEC filing, Leshner plans to region each existent directors and instal a caller committee to prosecute "strategic alternatives" and "explore the imaginable for strategical transactions."
"There are signs the institution is up to nary good," Leshner said successful his post. "I volition benignant them out, but delight beryllium highly cautious with immoderate debased marketplace headdress companies.
"I whitethorn suffer each my concern and you mightiness too," helium added.
It was not instantly wide whether Leshner has immoderate plans for integer assets successful his turnaround plans. However, the acquisition fits into a increasing inclination of salient figures successful crypto circles taking the helm of publically traded firms.
Joseph Lubin, Ethereum ETH co-founder and CEO of improvement steadfast Consensys, became president of Sharplink Gaming (SBET) erstwhile that institution pivoted to an ETH treasury strategy. Thomas Lee, caput of probe astatine Fundstrat and well-known Wall Street commentator, joined BitMine Immersion Technology (BMNR) arsenic president to spearhead the firm's crypto treasury plans.
Leshner was a laminitis of aboriginal decentralized concern (DeFi) lending protocol Compound COMP earlier focusing connected plus tokenization with Superstate.
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