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TROOPS, Inc. Financial Report: Major Acquisition of Riches Holdings Revealed!

$TROO
Form 6-K
Filed on: 2025-01-06
Source
TROOPS, Inc. Financial Report: Major Acquisition of Riches Holdings Revealed!

Here are the key insights extracted from the financial report (Form 6-K) for TROOPS, Inc.:

  1. Company Overview:
  • Company Name: TROOPS, Inc.
  • Principal Office Address: Unit A, 18/F, 8 Fui Yiu Kok Street, Tsuen Wan, New Territories, Hong Kong.
  1. Material Agreement:
  • On May 9, 2024, TROOPS, Inc. entered into a sale and purchase agreement with LIANTENG LIMITED to acquire the entire issued share capital of Riches Holdings Limited for $13,400,000.
  • The payment will be made through the issuance of a convertible promissory note (the "Note") for the same amount, with a maturity date set for May 9, 2029.
  1. Riches Holdings:
  • Riches Holdings operates multiple subsidiaries in Hong Kong and China, offering services such as:
    • Financial and insurance advisory services.
    • Immigration consultation services.
    • Overseas education advisory and application services.
    • Property agency services via a mobile application.
  • The acquisition is expected to create synergies with TROOPS, Inc.’s existing business operations.
  1. Conversion of Promissory Note:
  • On December 9, 2024, LIANTENG LIMITED exercised a conversion of $6,700,000 of the Note into 5,473,856 ordinary shares of TROOPS, Inc.
  • Subsequently, on December 10, 2024, another conversion of $6,700,000 was executed, resulting in 5,438,312 ordinary shares.
  • The total conversion of 10,912,168 ordinary shares was completed on December 11, 2024.
  1. Regulatory Compliance:
  • The report is submitted under the Securities Exchange Act of 1934, indicating compliance with SEC regulations for foreign private issuers.
  1. Signatory:
  • The report is signed by Damian Thurnheer, President and Chief Executive Officer of TROOPS, Inc., dated January 6, 2025.

This summary highlights the significant transactions and strategic moves made by TROOPS, Inc., particularly the acquisition of Riches Holdings and the related financial implications.