Mill City Ventures III Announces $450 Million Private Equity Investment

According to PANews, Mill City Ventures III, Ltd. (NASDAQ: MCVT), a non-bank lending institution and financial company, has announced a securities purchase agreement to invest in public equity through a private placement. The company plans to buy and sell 83,025,830 shares of common stock at a price of $5.42 per share, with expected total proceeds of approximately $450 million, after deducting placement agent fees and other issuance costs. Hedge fund Karatage is leading the investment, with the Sui Foundation providing an equal investment. The issuance is expected to be completed around July 31, 2025. The company intends to allocate approximately 98% of the net proceeds from the private placement to acquire SUI, the native token of the Sui blockchain, which will serve as the company's primary financial reserve asset. The remaining 2% of the net proceeds will be used to support the company's short-term lending business.