Meme Vault, now focusing on cryptocurrency and Web3 investments, has secured £271,000 from issuing new shares.
- This move supports their strategic shift to establish operations in the Middle East, particularly Dubai, chosen for its crypto-friendly regulations.
- Despite previous losses and strategic pivots, the company aims to maximise shareholder value.
- Funds were raised by issuing 1.35 million new shares as part of a significant business rebranding.
- Meme Vault’s share price remained unaffected following the funding announcement.
Meme Vault, an investment firm with a listing on the Aquis Exchange, recently gathered £271,000 through the issuance of 1.35 million new shares. This capital is targeted towards their strategic expansion into the cryptocurrency and Web3 sectors. The primary aim is to shift operations to the Middle East, specifically Dubai, owing to its favourable regulatory environment for cryptocurrencies. The firm’s decision marks a significant change in strategy to become a holding company focusing on cryptocurrency assets and Web3 projects.
Previously, Meme Vault operated under different names like Mortgage Chat and Pitch Pit, where it attempted diverse ventures, including an artificial intelligence accelerator and opportunities within the medical cannabis sector. The firm describes market challenges as a reason for these frequent strategic pivots.
At the onset of trading, Meme Vault’s share price stood at 0.019p, unaffected by the recent funding news. Brian Stockbridge, the non-executive chairman, expressed gratitude towards shareholders for their ongoing support amid the numerous changes. “We as a board, are committed to making this new strategy a success and remain in service to maximising shareholder value,” he stated.
The transition also includes plans to establish a subsidiary in Dubai, where the company intends to conduct its primary business operations. This strategic decision is aligned with their recent rebranding from Pitch Pit to Meme Vault, announced in November. The firm believes this will better position it within the growing cryptocurrency and Web3 markets.
In financial terms, Meme Vault recorded an operating loss of £218,000 for the year ending December 2023, a slight improvement from the £250,000 loss in the previous year. Despite these financial setbacks, the firm’s strategic vision remains focused on maximizing shareholder returns in the long run.
Meme Vault’s recent activities highlight its commitment to evolving its business strategy in the dynamic field of cryptocurrency and Web3.
