Society Pass Incorporated (NASDAQ: SOPA) has outlined a new mergers‑and‑acquisitions strategy that will focus on privately held companies in the AI data‑center, travel, digital advertising, and telecommunications sectors. The company plans to accelerate deal flow by partnering with selected regional and global private‑equity firms, positioning itself as a leading digital ecosystem in Southeast Asia while expanding into new markets.
The strategy is anchored by the company’s recent success with the acquisition of NusaTrip (NUTR). Society Pass bought NUTR for less than US$5 million in August 2022, listed the company on Nasdaq in August 2025, and saw its market capitalization rise from about US$70 million at listing to over US$170 million in the months that followed. The NUTR experience serves as a proof of concept for the valuation‑arbitrage model Society Pass intends to apply to future targets.
Financially, Society Pass reported Q3 2025 revenue of US$1.38 million, down 18 % from US$1.68 million in Q3 2024, and a net loss of US$5.28 million, a widening from the US$1.38 million loss reported a year earlier. The revenue decline was driven by lower digital‑marketing operations, while higher administrative expenses contributed to the larger net loss. These results underscore the company’s current cash‑burn profile and the need for a turnaround strategy.
Investors have expressed caution in response to the strategic pivot, reflecting concerns about the company’s financial trajectory and its ongoing Nasdaq compliance issues. The announcement signals a shift from an e‑commerce‑centric model to a focus on high‑margin, scalable AI‑driven businesses, but it also introduces execution risk and the challenge of integrating diverse acquisitions.
CEO Raynauld Liang emphasized that the NUTR success demonstrates Society Pass’s ability to incubate and grow fast‑growing companies into market leaders. He stated that the company is uniquely positioned to generate value from valuation arbitrage opportunities in the targeted sectors, reinforcing confidence in the new strategy’s potential to drive future growth.
The M&A initiative represents a fundamental change in Society Pass’s business model. By targeting AI‑driven infrastructure and services, the company aims to capture higher margins and achieve operational leverage. However, the strategy will require disciplined capital deployment, effective integration, and continued compliance with Nasdaq listing requirements to avoid further regulatory scrutiny.
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