Monster Inc is launching an initial coin offering (ICO) and a new e-commerce website to help recover losses it’s sustained over recent years. According to an SEC application, the company has lost almost $20 million dollars in the first quarter of 2017, alone.
Monster’s solution to its financial woes is to sell ERC20 “Monster Money Tokens.” In an SEC document, the company explains:
As we develop Monster Money Network and our backend systems, we intend to utilize the blockchain technology to our marketing, accounting and audit, internal control and shipping management functions. We believe the blockchain innovation will bring disruptive advancement to our E-commerce and business operation systems.
The company will be selling 300 million MMNY, with the max funding amount set at $300 million.
However, a big problem Monster currently faces is the fact that their stocks are not traded on any US market, though they have plans start the application process. In response to this issue, the company added the disclaimer that it “cannot assure you that MMNY Tokens will be traded on such exchange in a timely manner or at all.”
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