Treasure Global Inc. announced that it has fully closed its discretionary equity line with Alumni Capital LP, a financing arrangement that began on October 10 2024 and expired on December 31 2025. The company confirmed that all authorized shares under the line have been issued and that no further dilution will occur under the agreement.
The equity line was structured for a maximum of 10 million shares, with a total potential capital raise of approximately $50 million. During the commitment period, Treasure Global issued 9.2 million shares, leaving a small buffer of 0.8 million shares that were never exercised. The line’s expiration on December 31 2025 meant the company had to decide whether to continue financing through the same vehicle or seek alternative capital sources.
By concluding the facility, Treasure Global eliminates a future dilution risk and simplifies its balance sheet. The company can now allocate capital toward scaling its OXI Wallet, expanding its UNIRWA real‑world‑asset tokenization program, and integrating the Quarters Elite platform to generate recurring fintech and digital‑asset revenue streams. The move also signals management’s intent to focus on high‑margin, technology‑driven growth rather than relying on equity financing to fund operations.
Despite the positive capital‑structure outcome, Treasure Global remains in a state of financial distress. The company’s Q3 2025 results showed a 58% decline in revenue year‑over‑year, although gross profit margin improved to 73% from 58% in the prior quarter, reflecting a shift toward higher‑margin fintech services. Net income returned to positive territory, but the company still faces Nasdaq minimum bid‑price compliance challenges and has undertaken reverse stock splits to address liquidity concerns.
CEO Carlson Thow said the equity line “provided critical flexibility during a period of restructuring and allowed us to preserve capital for strategic initiatives.” He added that the company’s focus on fintech and digital‑asset solutions is a deliberate pivot to create sustainable, recurring revenue streams that can support long‑term growth.
Looking ahead, Treasure Global has set a 2026 revenue target of $3 million, driven by the OXI Wallet, UNIRWA, and Quarters Elite initiatives. Management acknowledges that execution risk remains high, citing the need to scale user acquisition, navigate regulatory compliance for digital assets, and maintain margin expansion in a competitive fintech landscape.
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